The KPPU in Indonesia has issued fines to seven cooking oil companies for limiting sales during a period of scarce supplies last year. The fines imposed were up to US$2.78 million per company.
Last year, KPPU initiated an investigation into the conduct of companies following a surge in cooking oil prices that led the Indonesian government to impose a temporary cap on retail prices and a three-week export ban on palm oil, which is commonly used as cooking oil in the country.
Indonesia holds the title of being the largest global producer of palm oil.
Related: Biden Warns Oil Companies Against Profiteering Or Price-Gouging
According to the KPPU panel chaired by Dinni Melanie, seven out of 27 companies involved in the case were found guilty of restricting their cooking oil brand’s distribution during the retail price cap period in early 2022.
Seven companies, including Salim Ivomas Pratama – a subsidiary of Indofood Group, the biggest food company in Indonesia – and two units of Wilmar Group, were contacted by Reuters for comment but Salim Ivomas and Wilmar have yet to respond.
Featured News
T-Mobile’s Acquisition of Ka’ena Corporation Receives FCC Approval
Apr 26, 2024 by
CPI
UK Regulator Announces Two New Senior Executive Appointments
Apr 26, 2024 by
CPI
Paramount Global and Skydance Media Near Merger Deal, Eyeing CEO Change
Apr 26, 2024 by
CPI
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI