InfoSAWIT, JAKARTA – Crude palm oil (CPO) reference price (RP) to decide out fee and export duties by Palm Oil Plantation Fund Management Agency (PO PFMA) on 1—30 September 2024, gets increased. Based on the Decision of Minister of Trade Number 1204 / 2024, CPO RP for this month would be US$ 839,53 per metric ton (MT), increases US$ 19,42 or 2,32 percent from the August 2024 RP that was US$ 820,11/MT.
General Director of Foreign Trade Ministry of Trade, Isy Karim said that the increasing CPO RP hardly gets the same numbers of the threshold which is US$ 680/MT and based on the regulation of minister of finance (RMF), the government decided CPO tax would be US$ 52/MT and export duties would be US$ 90/MT on 1—30 September 2024.
“The decision of CPO out fee refers to Colom Number 5, Attachment Letter C, RMF Number 38 / 2024 that decided the out fee would be US$ 52/MT. CPO export duties would be US$ 90/MT based on Attachment Letter C, RMF Number 103/PMK.05/2022 jo. 154/PMK.05/2022,” Isy Karim said, as in the official statement to InfoSAWIT, Wednesday (4/9/2024).
It means the total CPO out fee and export duties would be US$ 142/ton, gets increased US$ 24/ton to August 2024 period that was US$ 118/ton.
CPO RP was decided from the average price from on 25 July—24 August 2024 from some sources of references, such as, Indonesian CPO Exchange at US$ 804,96/MT, Malaysia Derivatives Exchange at US$ 874,10/MT, and CPO Rotterdam at US$ 970,41/MT. based on the Regulation of Minster of Trade Number 46 / 2022, if the average different price more than US$ 40 from the three sources, CPO RP would be calculated by using the two average prices as the median. They were Malaysia and Indonesia which got CPO RP at US$ 839,53/MT.
Isy Karim also said that the increasing CPO RP happened for some factors, such as, the increasing other vegetable oil prices, such as, soyoil and the increasing demands with no enough production particularly because of the decreasing CPO production in Malaysia.
Meanwhile for palm cooking oil products (refined, bleached, and deodorized/RBD palm olein) in branded packages with the net weigh ≤ 25 kg, would not get out fee or about US$ 0/MT. It is regulated in the Decision of Minister of Trade Number 1205 / 2024 that registered lists of brands of RBD Palm Olein in branded packages and packaged with net weigh ≤ 25 Kg. (T2)
