The Ministry Of Trade Has Expressed That The CPO Reference Price Has Increased By 7.17 Percent

Illustration. (Photo: Doc. Antara)

JAKARTA - Reference prices for crude palm oil (CPO) products for the period 16 to 31 January 2023 are 920.57 US dollars per metric ton (MT). This figure increased 7.17 percent from the initial position in January which was recorded at 858.96 US dollars per MT.

The Ministry of Trade reported that the price of this reference is for setting out duties (BK) and tariffs for the Public Service Agency of the Palm Oil Plantation Fund Management Agency (BLU BPD-PKS tariff) or export levies (PE).

Director General of Foreign Trade Budi Santoso said this determination was stated in the Decree of the Minister of Trade Number 53 of 2023 concerning Reference Prices for the Palm Oil Crude which are SUBJECT to Exit and Service Tariffs for the Public Service Agency of the Palm Plantation Fund Management Agency for the period 16 to 31 January 2023.

"Currently, the CPO reference price has increased and has again moved away from the threshold of US$680 per MT. For this reason, referring to the current PMK, the Government imposed a CPO exit fee of US$74 per MT," Budi said in an official statement, Tuesday, January 17.

Furthermore, Budi explained that the CPO export levy for the period 16 to 31 January was US$95 per MT.

"The CPO exit fee for the period 16 to 31 January 2023 refers to the Article 6 Attachment Letter C of the Minister of Finance Regulation Number 123/PMK.010/2022 amounting to US$74 per MT," he said.

Meanwhile, Budi said, the CPO export levy for the period 16 to 31 January 2023 refers to the Attachment of Letter C of the Minister of Finance Regulation Number 154 / PMK.05 / 2022 amounting to US $ 95 per MT.

Budi said, the value of the CPO BK and CPO PE increased from the CPO BK and CPO PE for the period 1 to 15 January 2023.

"The increase in CPO reference prices is influenced by several factors, including changes in Indonesia's biodiesel policy from B30 to B35," he said.

Not only that, said Budi, the strengthening of Malaysia's ringgit currency against the United States dollar, and the decline in CPO production due to the rainy season in Indonesia and Malaysia also affected the increase in CPO reference prices.