PALMOILMAGAZINE, JAKARTA – The Crude Palm Oil (CPO) reference price for calculating the Out Fee (OF) and tariff from the Public Service Obligation Palm Oil Plantation Fund Management Agency (PO PFMA) in November 2024 has been set at US$ 961.97 per metric ton (MT). This represents an increase of US$ 68.32, or 7.65%, compared to the October 2024 reference price of US$ 893.64/MT.
This adjustment is outlined in the Minister of Trade’s Decision No. 1532/2024, which establishes the CPO reference price for the Out Fee and tariff charges imposed by the PO PFMA.
For November 2024, the CPO Out Fee is US$ 124 per MT, as specified in Column Number 7 of Attachment C in the Ministry of Finance Regulation (RMF) No. 38/2024. Meanwhile, the CPO levy, which is set at 7.5%, amounts to US$ 72.15 per MT, in accordance with Attachment I of RMF No. 62/2024.
“CPO RP gets increased and more than the threshold that is US$ 680/MT. Referring to RMF, the government decided CPO OF would be US$ 124/MT and CPO levy would be 7,5 percent from CPO PR in November 2024 which is US$ 72,1475/MT,” General Director of Foreign Trade Ministry of Trade, Isy Karim said in the official statement, as Palmoilmagazine.com quoted,Thursday (31/1/2024).
Isy said that CPO PR was decided from the average price on 25 September—24 October 2024 in three exchanges, they were Indonesia CPO Exchange that was US$ 904,60/MT, Malaysia Derivatives Exchange that was US$ 1.019,33/MT, and CPO Rotterdam that was US$ 1.153,64/MT. Based on the Regulation of Minister of Trade) Number 46 / 2022, if the average price difference from the three exchanges was more than US$ 40, CPO RP would be calculated from the two sources that became the media. The closest sources from the median were Malaysia Derivatives Exchange and Indonesia CPO Exchange. CPO RP would be US$ 961,97/MT.
“The increasing CPO RP happened for some factors, such as, the demands from India and China. But the global scale – production got decreased because of long dry season. Besides, the increasing crude oil price in the world and tariff in Malaysia that has been implemented since 1 October 2024 did increase CPO RP,” Isy said.
Besides, palm cooking oil (refined, bleached, and deodorized/RBD palm olein) in branded packages and packaged with net ≤ 25 kg would be charged in OF for US$ 31/MT. The brands were written in the Decision of Minister of Trade Number 1533 / 2024 about the Brand Lists of Refined, Bleached, and Deodorized (RBD) Palm Olein in Branded Packages and Packaged with the net ≤ 25 Kg. (P2)
