Palmoilmagazine.com, JAKARTA – The Crude Palm Oil (CPO) reference price, which determines the Out Fee and tariff in the Public Service Obligation Palm Oil Plantation Fund Management Agency, was recorded at US$ 723.45/ton between 16-30 June 2023. This price reflects a decrease of US$ 88.23 or 10.87 percent compared to the previous period of 1-15 June 2023 when it stood at US$ 811.68/ton.
The information is documented in the Decision of Minister of Trade Number 1040/2023 regarding the Crude Palm Oil Reference Price for the calculation of the Out Fee and Tariff in the Public Service Obligation Palm Oil Plantation Fund Management Agency during the period of 16-30 June 2023.
General Director of Foreign Trade Ministry of Trade, Budi Santoso said CPO reference price gets cheaper than the threshold which is US$ 680/ton. “Referring to regulation of minister of finance, the government decided CPO OF would be US$ 3/ton and CPO reference price is USD 65/ton on 16—30 June 2023,” he said, as in the official statement to Palmoilmagazine.com, Saturday (17/6/2023).
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It refers to Colom Number 3, Attachment Letter C, Regulation of Minister of Finance (RMF) Number 39/PMK/0.10/2022 juncto Number 123/PMK.010/2022 which is USD 3/ton. CPO reference price refers to Attachment Letter C RMF Number 103/PMK.05/2022 juncto Number 154/PMK.05/2022 which is US$ 65/ton.
It means, the total of Out Fee and CPO reference price is US$ 68/ton. The numbers decrease US$ 50/ton compared to those on 1–15 June 2023 which were US$ 118/tons.
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Budi thought, the decreasing CPO reference price happens for some factors, such as, the low palm oil demands in the world because of increasing stocks. “Other vegetable oils also get cheaper, such as, soyoil that palm oil exports from Malaysia also decrease, ringgit currency gets cheaper towards US dollar, and the traders worried about the increasing stocks globally from Indonesia and Malaysia,” he said. (T2)
