Government Finalizes Higher Minyakita Ceiling, New Price Unset
Trade Ministry aims to adjust prices within two weeks, but the final figure still hinges on CPO and TBS movements.
The government is still finalizing a higher retail ceiling price, or HET, for Minyakita and has not set a new price level. Agriculture Minister Andi Amran Sulaiman said he will coordinate with Trade Minister Budi Santoso and then report to Coordinating Minister for Food Zulkifli Hasan before a decision is made. Further discussions took place after a coordination meeting in Jakarta. Earlier, Budi said the government had agreed to raise Minyakita's HET within two weeks. But the new figure still depends on developments in crude palm oil, or CPO, and fresh fruit bunches, or TBS. Minyakita's current HET is Rp15.700 per liter. According to Budi, CPO prices had risen to an average of Rp15.445 per kilogram before easing to around Rp14.000 per kilogram.