PALMOILMAGAZINE, JAKARTA – The crude palm oil (CPO) reference price used for determining the out fee (OF) and tariff by the Palm Oil Plantation Fund Management Agency (PFMA) for the period of March 1st to March 31st, 2024, is set at US$798.90 per metric ton (MT).
This marks a decrease of US$7.51 or 0.93 percent compared to the previous period, which was US$806.40/MT. This information is outlined in the Decision of Minister of Trade Number 199/2024 regarding the Crude Palm Oil Reference Price applicable for OF and Tariff by the PFMA during the aforementioned period.
The decision refers to Column number 4 of the Attachment letter C in Regulation of Minister of Finance (RMF) Number 39/PMK/0.10/2022 in conjunction with (jo) Number 71/2023, where the reference price is determined at US$33/MT.
Additionally, the CPO levy for this period is based on Attachment letter C RMF Number 103/PMK.05/2022 in conjunction with jo. 154/PMK.05/2022, which stands at US$85/MT.
“CPO reference price is almost the same with the threshold which is US$ 680/MT. referring to available RMF, the government decided CPO OF would be US$ 33/MT and CPO levy would be US$ 85/MT on 1—31 March 2024,” General Director of Foreign Trade Ministry of Trade, Budi Santoso said, as in the official statement to Palmoilmagazine.com, Saturday (2/3/2024).
CPO OF and levy would become US$ 118/ ton. CPO reference price drived from the average price since on 25 January—24 February 2024 at Indonesia CPO Exchange which was US$ 773,31/MT, at Malaysia Derivatives Exchange which was US$ 824,49/MT, and at Rotterdam which was US$ 898,70/MT.
Also Read:
- CPO Prices at KPBN Tender Surge by 0.52% on Friday (1/3) Reflecting Weekly Increase of 1.59%
- CPO Prices at KPBN Tender Increased by 0.81% on Thursday (29/2)
- CPO Prices Surge 0.74% at KPBN Tender on Wednesday (28/2) and Follow Suit at Malaysia Exchange
- CPO Price at KPBN Tenders Increased 0.78% on Tuesday (27/2), Mirrored in Malaysian Exchange
- CPO Price at KPBN Tender Rises 0.29 Percent on Monday (26/2), While on Malaysian Exchange It Declines
Based on the Regulation of Minister of Trade Number 46 / 2022, if average price difference from the three sources is more than US$ 40, CPO reference price would apply two sources that become the median and the closest price from the media. It means, it derived from Indonesia and Malaysia stocks.
“The cheaper CPO refence price happened for other vegetable oils got cheaper, namely soybean and the decreasing rupiah towards American dollar,” Budi said.
Meanwhile palm cooking oil (refined, bleached, and deodorized/RBD palm olein) in branded packages and packed within net ≤ 25 kg would get OF BK US$ 0/MT. The brands are registered on the Decision of Minister of Trade Number 200 / 2024 about Brand Lists of Refined, Bleached, and Deodorized (RBD) Palm Olein in Branded Packages and Packed within Net ≤ 25 Kg. (T2)
