PALMOILMAGAZINE, JAKARTA – The reference price for Crude Palm Oil (CPO) used for determining the Out Fee (OF) and tariff on the Palm Oil Plantation Fund Management Agency (PFMA), commonly referred to as export duty, in the initial period of December 2023 is set at US$ 795.14 per metric ton (MT). This figure represents an increase of US$ 44.60 or 5.94 percent from the period between November 16 and 30, 2023, when the reference price was US$ 750.54/MT.
This adjustment is outlined in the Decision of the Minister of Trade Number 1965/2023 concerning the Crude Palm Oil Price Reference, which serves as the basis for calculating the Out Fee and Tariff for Public Service Obligation on the Palm Oil Plantation Fund Management Agency during the first period of December 2023 (1 – 15 December 2023).
Furthermore, for palm cooking oil (refined, bleached, and deodorized/RBD palm olein) packaged in branded containers with a net weight of ≤ 25 kg, there will be no Out Fee charge, as stipulated in the Decision of the Minister of Trade Number 1966/2023, which provides a list of brands of Refined, Bleached, and Deodorized (RBD) Palm Olein in Branded Packages and Packed within Net Weigh ≤ 25 Kg.
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“CPO reference price is more than threshold which is US$ 680/MT. That is why referring to the available regulation, the government decided CPO OF would be US$ 33/MT and CPO export duty would be US$ 85/MT on 1 – 15 December 2023,” ujar General Director of Foreign Trade Ministry of Trade, Budi Santoso said, as in the official statement to Palmoilmagazine.com, Saturday (2/12/2023).
CPO OF on 1 – 15 December 2023 refers to Colom 4, Attachment Letter C, Regulation of Minister of Finance (RMF) Number 39/PMK/0.10/2022 that was substituted by Number 71 / 2023 which is US$ 33/MT. Meanwhile CPO export duty in the same period refers to Attachment Letter C RMF Number 103/PMK.05/2022 that has been substituted by Number 154/PMK.05/2022 which is US$ 85/MT. It means, CPO OF and export duty reach US$ 118/MT.
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“The increasing CPO reference price happened for some factors, such as, the increasing demands that were imbalance with the decreasing CPO production in Malaysia and Indonesia, the decreasing Malaysian ringgit towards US dollar, and increasing other vegetable oils, such as, soyoil,” Budi said. (T2)
