The Effort of The Government and Its Impact on Maintaining the Stability of Cooking Oil Prices
The surge in global oil prices and the consequent scarcity of oil have significantly impacted cooking oil prices in Indonesia, making it a critical issue for analysis. Previous studies have often overlooked governmental interventions' immediate and long-term effects on cooking oil prices, leavi...
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| Format: | Article |
| Language: | English |
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Centre for Research and Community Service (LP2M), UIN Kiai Haji Achmad Siddiq Jember
2024-06-01
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| Series: | Fenomena |
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| Online Access: | https://fenomena.uinkhas.ac.id/index.php/fenomena/article/view/160 |
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| author | Mohamad Nur Efendi Shidqi Saifuddin Hamzah Selvina Khomairoh Nurul Izzati Septiana |
| author_facet | Mohamad Nur Efendi Shidqi Saifuddin Hamzah Selvina Khomairoh Nurul Izzati Septiana |
| author_sort | Mohamad Nur Efendi |
| collection | DOAJ |
| description | The surge in global oil prices and the consequent scarcity of oil have significantly impacted cooking oil prices in Indonesia, making it a critical issue for analysis. Previous studies have often overlooked governmental interventions' immediate and long-term effects on cooking oil prices, leaving a gap in understanding their comprehensive impact on traditional market economies. This article evaluates the Indonesian government's policy responses, including oil subsidies and export bans, to mitigate cooking oil price hikes and their effects on traditional markets. Field research was conducted at the Srijaya Sayur Traditional Market in Madiun City using qualitative methods. While the study provides valuable insights, it is important to acknowledge its limitations, such as the focus on a single market and the potential bias in the data gathered through interviews. The analysis revealed that the government's abrupt intervention caused market distortions, such as distribution issues and price inconsistencies. However, these issues diminished over time as oil stock levels increased and enforcement actions against illegal activities were strengthened. This study contributes new insights into the effectiveness of policy interventions and highlights the alignment with Ibn Taymiyah's principles of distribution justice. In conclusion, while the policies initially disrupted market stability, they ultimately stabilized prices and aligned with consumer purchasing power. |
| format | Article |
| id | doaj-art-fc79037e0dd54f09b21da089705b8ebb |
| institution | Kabale University |
| issn | 1412-5439 2656-7369 |
| language | English |
| publishDate | 2024-06-01 |
| publisher | Centre for Research and Community Service (LP2M), UIN Kiai Haji Achmad Siddiq Jember |
| record_format | Article |
| series | Fenomena |
| spelling | doaj-art-fc79037e0dd54f09b21da089705b8ebb2025-01-23T06:19:45ZengCentre for Research and Community Service (LP2M), UIN Kiai Haji Achmad Siddiq JemberFenomena1412-54392656-73692024-06-01231496810.35719/fenomena.v23i1.160162The Effort of The Government and Its Impact on Maintaining the Stability of Cooking Oil PricesMohamad Nur Efendi0Shidqi Saifuddin Hamzah1Selvina Khomairoh2Nurul Izzati Septiana3Universitas Terbuka, IndonesiaUniversitas Yudharta Pasuruan, IndonesiaUniversitas Terbuka, IndonesiaInternational Centre for Education in Islamic Finance (INCEIF), MalaysiaThe surge in global oil prices and the consequent scarcity of oil have significantly impacted cooking oil prices in Indonesia, making it a critical issue for analysis. Previous studies have often overlooked governmental interventions' immediate and long-term effects on cooking oil prices, leaving a gap in understanding their comprehensive impact on traditional market economies. This article evaluates the Indonesian government's policy responses, including oil subsidies and export bans, to mitigate cooking oil price hikes and their effects on traditional markets. Field research was conducted at the Srijaya Sayur Traditional Market in Madiun City using qualitative methods. While the study provides valuable insights, it is important to acknowledge its limitations, such as the focus on a single market and the potential bias in the data gathered through interviews. The analysis revealed that the government's abrupt intervention caused market distortions, such as distribution issues and price inconsistencies. However, these issues diminished over time as oil stock levels increased and enforcement actions against illegal activities were strengthened. This study contributes new insights into the effectiveness of policy interventions and highlights the alignment with Ibn Taymiyah's principles of distribution justice. In conclusion, while the policies initially disrupted market stability, they ultimately stabilized prices and aligned with consumer purchasing power.https://fenomena.uinkhas.ac.id/index.php/fenomena/article/view/160economics policycooking oilkebijakan ekonomiminyak goreng |
| spellingShingle | Mohamad Nur Efendi Shidqi Saifuddin Hamzah Selvina Khomairoh Nurul Izzati Septiana The Effort of The Government and Its Impact on Maintaining the Stability of Cooking Oil Prices Fenomena economics policy cooking oil kebijakan ekonomi minyak goreng |
| title | The Effort of The Government and Its Impact on Maintaining the Stability of Cooking Oil Prices |
| title_full | The Effort of The Government and Its Impact on Maintaining the Stability of Cooking Oil Prices |
| title_fullStr | The Effort of The Government and Its Impact on Maintaining the Stability of Cooking Oil Prices |
| title_full_unstemmed | The Effort of The Government and Its Impact on Maintaining the Stability of Cooking Oil Prices |
| title_short | The Effort of The Government and Its Impact on Maintaining the Stability of Cooking Oil Prices |
| title_sort | effort of the government and its impact on maintaining the stability of cooking oil prices |
| topic | economics policy cooking oil kebijakan ekonomi minyak goreng |
| url | https://fenomena.uinkhas.ac.id/index.php/fenomena/article/view/160 |
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