CPO Price For The Period Of December 1-15 Rose 5.94 Percent

Oil palm illustration (Photo: Antara)

JAKARTA - Reference prices (HR) for palm oil commodities or Crude Palm Oil (CPO) for the determination of exit duties (BK) and Export Charges (PE) for the period 1-15 December 2023 amounted to 795.14 US dollars per metric ton (MT).

Director General of Foreign Trade of the Ministry of Trade Budi Santoso said this value increased by 44.60 US dollars or 5.94 percent from the period 16-30 November 2023 which was recorded at 750.54 US dollars per MT.

"Currently, the CPO reference price has increased, avoiding a threshold of 680 US dollars per MT. For this reason, referring to the current PMK, the government imposed CPO Exit Customs of 33 US dollars per MT and CPO Export Charges of 85 US dollars per MT for the period 1-15 December 2023," Budi said quoting Antara.

This determination is stated in the Decree of the Minister of Trade Number 1965 of 2023 concerning Reference Prices for Crude Palm Oil which are Subjected to Customs and Service Tariffs for the Public Service Agency of the Palm Oil Plantation Fund Management Agency for the Period of December 1-15, 2023.

In addition, cooking oil (refined, bleached, and deodorized/rbd palm olein) in branded packaging and packaged with a net weight of 25 kg is subject to 0 US dollars BK per MT with a brand determination.

This is stated in the Decree of the Minister of Trade Number 1966 of 2023 concerning the Refined, Bleached, and Deodorized (RBD) Brand List of Palm Olein in Branded Packaging and Packed with a Netto Weight of 25 kilograms.

CPO Exit Customs for the period 1-15 December 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 amounted to 33 US dollars per MT.

Meanwhile, the CPO Export Charge for the period 1-15 December 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 dollars per MT.

The increase in CPO Reference Prices is influenced by several factors, including increasing demand that is not offset by the production of CPO Malaysia and Indonesia which is predicted to decline, weakening Malaysian ringgit to the United States dollar and increasing the price of other vegetable oils, namely soybean oil.