August 2023 Sees a 4.48% Improvement in CPO Reference Price: CPO OF and Levy Stand at US$ 118 Per Ton

Palm Oil Magazine
Doc. Palmoilmagazine.com

PALMOILMAGAZINE, JAKARTA – The reference price for crude palm oil (CPO) used to determine the out fee (OF) and tariff for the Public Service Obligation of the Palm Oil Plantation Fund Management Agency (PFMA), commonly known as the export levy, will be set at US$ 826.48 per metric ton (MT) from August 1 to 15, 2023.

This figure reflects an increase of US$ 35.46 or 4.48 percent compared to the preceding period spanning from July 16 to 31, 2023. The specific CPO reference price is outlined in Minister of Trade Decision Number 1304/2023, which pertains to the calculation of the Crude Palm Oil Reference Price for the purpose of determining the out fee and tariff for the Public Service Obligation of the Palm Oil Plantation Fund Management Agency.

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Besides, palm cooking oil (refined, bleached, and deodorized/RBD palm olein) in branded packages and with the net weigh ≤ 25 kg would be charged OF US$ 0/MT with the brand decision as written in the Decision of Minister of Trade Number 1305 / 2023 about Brand List of Refined, Bleached, and Deodorized (RBD) Palm Olein in Branded Packages and in Net Weigh ≤ 25 Kg.

Also Read: CPO Reference Price Rises 3.19%: CPO OF and Levy on 1 – 15 July 2023

“CPO reference price increases more than the threshold which is US$ 680/MT. Referring to available regulation of minister of finance (RMF), the government decided CPO OF would be US$ 33/MT and CPO levy would be US$ 85/MT on 1 — 15 August 2023,” General Director of Foreign Trade Ministry of Trade, Budi Santoso said, as in the official statement to Palmoilmagazine.com, Tuesday, (1/8/2023).

CPO OF on 1 – 15 August 2023 refers to Colom Number 4 Attachment Letter C, RMF Number 39/PMK/0.10/2022 juncto Number 71 / 2023 which is US$ 33/MT. CPO levy on 1 – 15 August 2023 refers to Attachment Letter C, RMF Number 103/PMK.05/2022 juncto 154/PMK.05/2022 which is US$ 85/MT. It means CPO OF and levy would be US$ 118/MT in total.

Budi continued, the increasing CPO reference price happened for some factors, such as, the increasing CPO exports, namely from Malaysia but they were not balance with the increasing production in the country. “Besides, expensive other vegetable oils, such as, soyoil, happened for the decreasing production prediction in  the United States of America,” he said. (T2)

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