CPO Reference Prices Until October 15, 2023 Increased By 3.57 Percent

Illustration (Photo: Doc. Antara)

JAKARTA - Reference prices for palm oil products (CPO) for the determination of export duties (BK) and export levies (PE) for the period 1-15 October 2023 are 827.37/MT US dollars, an increase of 3.57 percent from the previous period.

Director General of Foreign Trade of the Ministry of Trade (Kemendag) Budi Santoso said this value increased by 28.54 US dollars from CPO reference prices for the period 16-30 September 2023.

"Currently, the CPO reference price is increasing away from the threshold of 680/MT US dollars. For this reason, referring to the current PMK, the government imposed CPO exit duties of 33/MT US dollars and CPO export levies of 85/MT US dollars for the period 1-15 October 2023," Budi said as quoted by ANTARA, Friday, September 29.

The determination of the CPO Reference Price is stated in the Decree of the Minister of Trade Number 1698 of 2023 concerning CPO Reference Prices Subjected to Exit Fees and Public Service Tariffs of the Palm Oil Plantation Fund Management Agency.

In addition, cooking oil (refined, bleached, and deodorized/RBD palm olein) in branded and packaged with net weight of 25 kg is subject to a 0/MT US dollar BK with a brand determination as stated in the Decree of the Minister of Trade Number 1699 of 2023 concerning the List of Refined, Bleached, and Deodorized (RBD) Palm Olein Branded and Packaging Weighted Netto 25 Kg.

BK CPO for the period 1-15 October 2023 refers to the Number 4 Attachment Letter C of the Minister of Finance Regulation Number 39/PMK/0.10/2022 jo. Number 71 of 2023 amounting to 33/MT US dollars.

Meanwhile, the CPO Export Charge for the period 1-15 September 2023 refers to the Attachment Letter C of the Minister of Finance Regulation Number 103/PMK.05/2022 jo. 154/PMK.05/2022 amounting to 85/MT US dollars.

Budi said the increase in CPO Reference Prices was influenced by several factors, including an increase in demand that was not balanced with increased production, as well as an increase in vegetable oil prices.