Indonesia's anti-monopoly agency (KPPU) ordered seven cooking oil companies on Friday to pay fines of up to $2.8 million for restricting sales amid scarce supplies last year.
KPPU launched an investigation into the conduct of cooking oil companies last year after the Indonesian government placed a temporary cap on surging retail prices of the essential product and later a three-weekSeven out of 27 companies investigated were found guilty of limiting distribution of their branded cooking oils while the retail price cap was in place in early 2022, said Dinni Melanie, who chaired the KPPU panel.
"During the relevant period ... our cooking oil operations specifically, and our industry generally, were affected by severe supply chain issues that had an impact on cooking oil delivery," Wilmar's spokesperson said.All 27 companies that KPPU investigated were acquitted on charges of price fixing.
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