Ukraine, the pandemic and local profiteers get the blame
Save time by listening to our audio articles as you multitaskIn February Indonesia’s government capped the retail price of cooking oil at 14,000 rupiah a litre for the highest-quality oil, and 11,500 rupiah for the cheaper sort. Overnight, shelves emptied across the country of 273m people. For most Indonesians, imported oil is an unaffordable luxury. On March 16th the price cap was lifted and stocks miraculously reappeared. But in the process, prices have more than tripled.
Yeka Hendra Fatika, of the government ombudsman, which monitors cooking-oil prices throughout 274 markets in Indonesia, blames the price rise on factors including the war in Ukraine and the pandemic. By February, the price of crude palm oil had spiked by 40% year on year. Hoping to curb the retail price of an important commodity, the government in January imposed a 20% “domestic market obligation” for all producers—ie, the share of output they must offer on the local market before exporting. In early March this was raised to 30%. Then, after suppliers resisted fiercely, the government a week later did away with thescheme was sold at a fixed price, which producers said made it hard to cover the cost of materials.
Whatever the cause of the shortage and price rises, few want to make do with less cooking oil. Indonesians love their. Megawati Sukarnoputri, a former president and still a leader of the current president’s party, speaking recently at a webinar on “ageing gracefully”, made an appeal for culinary reform: “Isn’t there a way to boil or steam? It’s an Indonesian menu, you know.
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