InfoSAWIT, JAKARTA – Reference price of crude palm oil (CPO) to decide out fee (OF) and tariff from Public Service Obligation Palm Oil Plantation Fund Management Agency (POPFMA) or known as export citation on 1—31 August 2024 would be US$ 820,11/metric ton (MT). The numbers got escalated US$ 19,37 or 2,42 percent from the previous month that was US$ 800,75/MT. It was attached in the Decision of Minister of Trade Number 965 / 2024 about Crude Palm Oil Reference Price that is charged on Out Fee and Tariff on Public Service Obligation Palm Oil Plantation Fund Management Agency on 1–31 August 2024.
“Until now CPO reference price gets escalated and more than the threshold that is US$ 680/MT. referring to the regulation of minister of finance (RMF), the government decided CPO OF would be US$ 33/MT and CPO export citation would be US$ 85/MT on 1—31 August 2024,” General Director of Foreign Trade Ministry of Trade, Budi Santoso said, as in the official statement to InfoSAWIT, Thursday (1/8/2024).
CPO Of on 1—31 August 2024 referred to Colom Number 4, Attachment Letter C, RMF Number 38 / 2024 which is US$ 33/MT. While CPO export citation on the same period would refer to Attachment Letter C, RMF Number 103/PMK.05/2022 juncto (jo) Number 154/PMK.05/2022 which is US$ 85/MT.
As quoted from Ministry of Trade, the source of CPO reference price decision was from the average price since on 25 June —24 July 2024 at Indonesian CPO Exchange, which was US$ 786,00/MT; Malaysia Derivatives Exchange which was US$ 854,22/MT, and Rotterdam which was US$ 960,62/MT. Accordint to the Regulation of Minister of Trade Number 46 / 2022, if the price difference in the thre exchanges is more than USD 40, CPO reference price would be calculated by using the average price from two sources that became closer price of the median. Malaysia Derivatives Exchange and Indonesian CPO Exchange were the two sources. And from the calculation CPO reference price would be US$ 820,11/MT.
“The increasing CPO reference price happened for the increasing demands from India, but there were not the same with the increasing production, and the increasing price of other vegetable oil price and crude oil price in the world,” Budi mentioned.
Meanwhile, palm cooking oil (refined, bleached, and deodorized/RBD palm olein) in branded packaged and packaged with the net ≤ 25 kg would be charged OF US$ 0/MT. The brand decision of the products would be attached in the Decision of Minister of Trade Number 966 / 2024 about Refined, Bleached, and Deodorized (RBD) Palm Olein Brand Lists in Branded Packages and Packaged with the net ≤ 25 kg. (T2)
