CPO Reference Price Strengthens, Export Duties and Export Levy Tariffs for April 2024 Period Set at USD 142 per MT

palm oil magazine
CPO Reference Price Strengthens, Export Duties and Export Levy Tariffs for April 2024 Period Set at USD 142 per MT. Photo by: Palmoilmagazine.com

PALMOILMAGAZINE, JAKARTA – The Reference Price (HR) for palm oil (CPO) commodities, which is used in determining Export Duties (Bea Keluar) and tariffs for the Public Service Agency for the Management of Palm Oil Plantation Funds (BLU BPD-PKS), or commonly known as Export Levy (Pajak Ekspor), for the April 2024 period is USD 857.62 per metric ton (MT). This shows an increase of USD 58.72 or 7.3 percent from the March 2024 period which previously reached USD 798.90 per MT.

This determination is stipulated in the Decree of the Minister of Trade Number 416 of 2024 concerning Crude Palm Oil Reference Price for Export Duty and BLU BPD-PKS Service Tariff for April 2024 Period. The CPO Export Duty (BK) for April 2024 refers to Column Number 5 of Appendix Letter C of the Minister of Finance Regulation Number 39/PMK/0.10/2022 jo. Number 71 of 2023 with a value of USD 52 per MT.

Read More

Meanwhile, the CPO Export Levy (PE) for April 2024 refers to Appendix Letter C of the Minister of Finance Regulation Number 103/PMK.05/2022 jo. 154/PMK.05/2022 with a value of USD 90 per MT.

Also Read:

“The current increase in CPO HR exceeds the threshold of USD 680 per MT. Therefore, in accordance with the applicable regulations, the government will set BK CPO at USD 52 per MT and PE CPO at USD 90 per MT for April 2024 period,” said Director General of Foreign Trade of Ministry of Trade, Budi Santoso, quoting from the release received by Palmoilmagazine.com.

The determination of CPO HR is based on the average price during the period of February 25 to March 24, 2024, with the price of USD 830.85 per MT in Indonesia CPO Exchange, USD 884.39 per MT in Malaysia CPO Exchange, and USD 971.60 per MT in Rotterdam CPO Auction Market. In accordance with MOT 46/2002, if the average price difference between the three price sources exceeds USD 40, the CPO HR is calculated based on the average of the two median price sources, namely the Malaysian CPO Exchange and the Indonesian CPO Exchange.

Budi explained that the increase in CPO HR was influenced by several factors, including an increase in vegetable oil prices in China and the United States, fluctuations in the Rupiah and Ringgit exchange rates against the US Dollar, increased demand for biodiesel, and a decline in production in Indonesia.

In addition, cooking oil (Refined, Bleached, and Deodorized/RBD palm olein) in branded packaging and net weight ≤ 25 kg will be subject to export duty (BK) of USD 0 per MT in accordance with the Decree of the Minister of Trade Number 417 of 2024 concerning List of Brands of Refined, Bleached, and Deodorized (RBD) Palm Olein in Branded Packaging and Net Weight of 25 Kg. (P3)

Follow the Whatsapp channel "Palm Oil Magazine News Update", click the link PalmoilMagazine News Update | or you can follow Telegram "PalmOilMagazine", click the link PalmOilMagazine

FOLLOW MORE NEWS AT GOOGLE NEWS.

Related posts

Leave a Reply

Your email address will not be published. Required fields are marked *