PALMOILMAGAZINE, JAKARTA — The Government of Indonesia has set the Reference Price (HR) for crude palm oil (CPO) for the period of March 1–31, 2026 at USD 938.87 per metric ton (MT). The figure marks a 2.22 percent increase, or USD 20.40 higher, compared to the February 1–28, 2026 level of USD 918.47 per MT.
The reference price serves as the basis for calculating export duty (BK) and the export levy (PE) collected by the Badan Pengelola Dana Perkebunan (BPDP), which operates as a public service agency (BLU).
Director General of Foreign Trade at the Ministry of Trade, Tommy Andana, stated that the higher HR for March directly affects export charges.
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“The March 2026 CPO reference price has increased compared to the previous period. Based on the applicable Ministry of Finance regulations, the government imposes an export duty of USD 124 per MT and an export levy of 10 percent of the March HR, equivalent to USD 93.8869 per MT,” he said, in a written statement received by Palmoilmagazine.com on Saturday, February 28, 2026..
The export duty for March 2026 refers to Ministry of Finance Regulation (PMK) No. 38/2024 in conjunction with PMK No. 68/2025. Meanwhile, the export levy follows PMK No. 69/2025.
Tommy explained that the HR calculation is derived from the average prices recorded between January 20 and February 19, 2026, across three benchmarks: the Indonesian CPO Exchange at USD 882.76 per MT, the Malaysian CPO Exchange at USD 994.97 per MT, and the Rotterdam CPO Port price at USD 1,252.36 per MT.
Under Ministry of Trade Regulation (Permendag) No. 35/2025, if the price gap among the three references exceeds USD 40, the HR is calculated using the two median and closest price sources.
“As the price disparity exceeded the threshold, the HR was calculated based on the Malaysian and Indonesian CPO exchanges. Using this mechanism, the March 2026 HR was determined at USD 938.87 per MT,” he clarified.
In addition, refined, bleached, and deodorized (RBD) palm olein in branded packaging with a net weight of up to 25 kilograms is subject to an export duty of USD 31 per MT. This provision is stipulated under Minister of Trade Decree No. 374/2025 concerning the list of branded RBD palm olein products.
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According to Tommy, the strengthening of the CPO reference price was driven by rising demand from key importing countries such as India and China, which was not matched by a corresponding increase in supply.
Supply constraints stemmed from lower production levels and higher prices of other vegetable oils, particularly soybean oil, which further supported palm oil prices in the global market. (P3)
