The cheaper crude oil globally, CPO reference price still the same

Palm Oil Magazine
Doc. Palmoilmagazine.com

PALMOILMAGAZINE, JAKARTA – CPO OF on 16 – 31 August 2023 refers to column 4, attachment letter C, RMF Number 39/PMK/0.10/2022 juncto (jo) Number 71 / 2023 which is US$ 33/ton. While CPO levy in the same period refers to attachment letter C, RMF Number 103/PMK.05/2022 jo. Number 154/PMK.05/2022 which is US$ 85/ton. It means the total is still the same with the previous period which was US$ 118/ton.

Budi Santoro thought, the cheaper CPO reference price in the second week this month happened for some factors, such as, the decreasing imports from European countries and China. “Including the prediction of higher production in Malaysia, the better ringgit towards US dollar, and the cheaper crude oil globally,” Budi said

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“Now CPO reference price gets cheaper and nearly hits the threshold which is USD 680/MT. That is why referring to the regulation of available minister of finance (RMF), the government would get CPO OF for about USD 33/ton and CPO levy would be US$ 85/ton on 16 – 31 August 2023,” General Director of Foreign Trade Ministry of Trade, Budi Santoso said, as in the official statement to Palmoilmagazine.com, Wednesday, (16/8/2023).

Also Read : August 2023 Sees a 4.48% Improvement in CPO Reference 

Crude palm oil (CPO) reference price to decide Out Fee and tariff on Palm Oil Plantation Fund Management Agency (PFMA) or famously known as export levy on 16–31 August 2023 would be US$ 820,35/Ton.

The numbers decreased US$ 6,13 or 0,74 percent from on 1–15 August 2023 which was US$ 826,48/ton. It was written on the Decision of Minister of Trade Number 1494 / 2023 about Crude Palm Oil Reference Tariff that is charged on Out Fee and Tariff on Palm Oil Plantation Fund Management Agency on 16–31 August 2023. (T2)

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