PALMOILMAGAZINE, JAKARTA – Under the implementation of the biodiesel mandatory program as regulated in Chapter 18, paragraph (1a) of President’s Regulation Number 66/2018, which amends President’s Regulation Number 61/2015 on Palm Oil Plantation Fund Raising and Distribution, it is stated that the conversion rate of crude palm oil to biodiesel will be US$ 85/MT.
The market index price (MIP) of biodiesel for August 2024 is set at IDR 12,382/liter, plus transportation costs, effective August 1, 2024.
The biodiesel MIP is calculated based on the regulation outlined in the Minister of Energy and Mineral Resources Decision Number 3.K/EK.05/DJE/2024 regarding the Market Index Price for Biodiesel blended with diesel fuel.
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According to Attachment Number T-2832/EK.05/DJE.B/2024, dated 28 July 2024, the transportation cost is determined by the maximum cost of transporting biodiesel blended with diesel, as regulated in the ministerial decision on the biodiesel MIP.
“The conversion of currency would manage the central average currency reference in Indonesian Bank from June 25, 2024, to July 24, 2024, which was IDR 16.286,” as noted by Palmoilmagazine.com quoted from the official page of General Directorate of New Renewable Energy and Energy Conversion on Wednesday, July 31, 2024.
From what Palmoilmagazine.com calculated, biodiesel MIP in August 2024 increased by IDR 266/liter if compared to July 2024 MIP, that was IDR 12.116/liter. (P2)
