InfoSAWIT, JAKARTA – The people once got panic when Idul Fitri was ahead last year. But it would not happen again this year because crude palm oil (CPO) price for months is relatively stable and would not make palm cooking oil more expensive.
What InfoSAWIT knew, CPO by the late of last year to March 2023 is relatively stagnant. If last year it was more than US$ 1000/ton, in February 2023 it was US$ 972,4/ton in average.
Olein in the early of 2022 was more than Rp 15.000/kg. In May, it was Rp. 22.914/kg. This could be the reason why palm cooking oil was sold at more than Rp. 25.000/liter.
The expensive palm cooking oil last year happened in the same time when many people would have Idul Fitri. It automatically delivered impact to their buying capability.
It could be seen from what Central Bureau of Statistic (CBS) reported that in April – May 2022, the inflation reached 3,47%-3, 55% (year on year/yoy).
The biggest inflation took place in food and beverage industries though in May 2022 it also happened for CPO and its derivative export ban.
What about this year? CBS reported that in January 2023, inflation yoy reached 5,47%. In February 2023 (yoy) it reached 5,28% or decreased 0,19% to the previous month.
Heading to Ramadhan this year, in February 2023 there was no CPO and its derivative increasing price but the inflation was high still. It happened for the expensive cow meat, eggs, and others.
At least, high inflation would not happen this time, not from the increasing CPO and its derivative product price, such as, palm cooking oil. As one of nine daily needs, palm cooking oil is a need for many.
What Pusat Data Bisnis InfoSAWIT (PDBI) analyzed, palm cooking oil supply in many markets are relatively good in supply and controlled in price.
In some retailers, branded palm cooking oils are sold at about Rp. 16 thousand to Rp. 17 thousand per liter. If referring to olein price in February 2023 which was Rp. 7.554 per kg, palm cooking oil should be sold cheaper.
“Plantation stakeholders should carefully watch the decreasing price,” General in Chief of InfoSAWIT, Ignatius Ery Kurniawan said.
Ery continued, CPO and its derivative product selling price this year could be stagnant and there would be no turbulence, just like it happened last year. Production costs to cultivate the plantations would remain expensive because of the expensive fertilizers. This would be new big issue for stakeholders nationally. Besides the impact of bank collapse, such as, Bank Credit Suisse could decrease people’s consumption in the future globally. (T1)
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