July 2024 Biodiesel Market Index Price Increases to Rp. 12,161/Liter: Up by Rp. 384/Liter

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The Market Index Price (MIP) of vegetable oil (biodiesel) for July 2024 will be Rp 12,161 per liter, inclusive of transportation costs, effective from July 1, 2024. Photo by: Special

PALMOILMAGAZINE, JAKARTA – Regarding the implementation of the biodiesel mandatory program under Chapter 18, paragraph (1a) of President’s Regulation Number 66/2018, amending President’s Regulation Number 61/2015 on the Crude Palm Oil Raising Fund and Utilization, we wish to announce that the conversion rate of crude palm oil to biodiesel will be set at 85 US dollars per metric ton (MT).

Additionally, the Market Index Price (MIP) of vegetable oil (biodiesel) for July 2024 will be Rp 12,161 per liter, inclusive of transportation costs, effective from July 1, 2024.

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According to Document Number T-2379/EK.05/DJE.B/2024 dated June 29, 2024, transportation costs will be based on the maximum cost of vegetable oil, the type of biodiesel mixed with fuel as specified in the ministerial decision on biodiesel MIP mixed with fuel.

Also Read: Biodiesel MIP in June 2024 Would be Rp. 11.732/liter: Gets Cheaper

“Currency conversion would refer to the middle average currency at Indonesian Bank since on 25 May 2024 until 24 June 2024 that was Rp 16.254,” the document mentioned, as Palmoilmagazine.com got from the official page of General Directorate of New Renewable Energy and Energy Conversion, Thursday (4/7/2024). (T2)

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