Indonesia's anti-trust body fines cooking oil firms for restricting supply

Indonesia is the world’s biggest producer of palm oil, commonly used as cooking oil. - Phtoto from Bloomberg

JAKARTA, May 26 (Reuters): 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-week export ban on palm oil.