Prabowo summons Agriculture Minister as 100 mills still hold down FFB prices
The government has written to the national police chief about 274 companies suspected of suppressing prices, even as 90 percent of FFB prices have normalized.
President Prabowo Subianto summoned Agriculture Minister Andi Amran Sulaiman to the Presidential Palace in Jakarta on Thursday as the government continued tracing the drop in palm oil fresh fruit bunch, or FFB, prices at the farm level. Amran said prices that had fallen are now mostly back to normal, but about 5-10 percent of palm oil mills have not restored prices. He said the anomaly came as global CPO prices and the US dollar exchange rate were both strengthening. The government, he said, has sent a letter to the national police chief regarding 274 companies suspected of unilaterally cutting prices; after follow-up, the number that had not adjusted fell to around 100 companies. Authorities are also monitoring prices to ensure gains are not reversed.