PALMOILMAGAZINE, JAKARTA – To enact the third regulation specified in the Decision of the Minister of Energy and Mineral Resources, Number 146.K/HK.02/DJE/2021, concerning the Market Index Price (MIP) for Vegetable Oil Fuel in Biodiesel, which has been amended by the Decision of Minister of Energy and Mineral Resources Number 21.K/HK.02/DJE/2023, we wish to communicate that the conversion rate of crude palm oil (CPO) to biodiesel will be US$ 85 per metric ton (MT).
The MIP for biodiesel in November 2023 is set at Rp. 10,653 per liter, inclusive of transportation costs, and will become effective from November 1, 2023.
In accordance with Documents Number T-4727/EK.05/DJE.B/2023 dated October 27, 2023, it is clarified that transportation costs will adhere to the maximum costs associated with the transportation of various biodiesel types derived from vegetable oil, as stipulated in the ministerial decision regarding the MIP of Vegetable Fuel, a type of biodiesel blended into fuel material.
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“Currency conversion uses the medium average currency of Indonesian Bank on 25 September 2023 to 24 October 2023 which is Rp 15.645,” the regulation noted as Palmoilmagazine.com quoted from the official page of General Directorate of New Renewable Energy and Energy Conversion.
This mean, what Palmoilmagazine.com calculated, palm oil biodiesel MIP in November 2023 gets cheaper Rp 17 per liter compared to October one which was Rp 10.670/liter. (T2)
