CRUDE PALM OIL PRICE INCREASE IN ISLAMIC ECONOMIC PERSPECTIVE Reni Anggraenia (a*) Bayu Rahmadi Putra (b*)
a) Islamic Economics Department, Faculty of Economics and Business, Universitas Airlangga
b) Islamic Economics Department, Faculty of Economics and Business, Universitas Airlangga
*reni.anggraeni-2021[at]feb.unair.ac.id
*bayu.rahmadi.putra-2021[at]feb.unair.ac.id
Abstract
The post-pandemic economic recovery program has increased the demand for CPO. This is due to disturbances in vegetable oil production. However, the Russian invasion of Ukraine and various export policies carried out by the Indonesian government made CPO prices high. This paper aims to look at the increase in world CPO prices from an Islamic economic perspective. Based on the literature review, it can be seen that the increase in world CPO prices increased when the escalation in Ukraine increased as well as the implementation of the DMO policy and the ban on CPO exports by the Indonesian government. In Islamic economics, the intervention carried out by the Indonesian government is part of an action to eliminate the distortion of the rare and expensive cooking oil market which results in not creating justice for the people of Indonesia.
