CPO OF is US$ 74/Ton : CPO Reference Price Gets Better on 16 - 31 August 2022

CPO OF is US$ 74/Ton : CPO Reference Price Gets Better on 16 - 31 August 2022

Palmoilmagazine, JAKARTA – Crude palm oil (CPO) reference price to decide Out Fee (OF) on 16–31 August 2022 is US$ 900,52/metric ton (MT). It gets better US$ 28,25 or 3,24 percent than it on 9–15 August 2022, which was US$ 872,27/MT. 

It is regulated in Decision of Minister of Trade Number 1165 / 2022 about CPO Reference Price that Has Out Fee and Public Service Obligation Tariff on Palm Oil Plantation Fund Management Agency on 16 – 31 August 2022.

“Until now CPO reference price gets better and beyond the threshold, US$ 680/MT.  The government decided CPO OF is US$ 74/MT  on 16 – 31  August 2022,” General Director in duty of Foreign Trade, Veri Anggrijono said, as in the official press release to Palmoilmagazine, Tuesday (16/8/2022)

CPO OF on 16 – 31 August 2022 refers to Colom 6, Attachment C, Regulation of Minister of Finance Number 123/PMK.010/2022 which is US$ 74/MT. The numbers escalate from CPO OF on 9—15 August 2022.

It happened for some factors, such as, more expensive crude oil and other vegetable oil namely soyoil. This also happened for the worry about supply because of heat and drought in some producer countries. Besides the export policy published by Indonesia that escalated export multiplier quota which was 1:7 to be 1:9.

The Government of Indonesia substituted the formulation of reference price which was regulated in the Regulation of Minister of Trade Number 46 / 2022 about The Procedures to Export Reference Price Decision on Agricultural and Forestry Products that Have Out Fee, Reference Price on Agricultural and Forestry Products and Brand Lists of Refined, Bleached And Deodorized Palm Olein that has Out Fee and Public Service Obligation Tariff in Palm Oil Plantation Fund Management Agency. These caused many countries re-think about the supply from Indonesia that would be increasing. Other factors are the plan to implement biodiesel mixture up to 35 percent or known as B35 in Indonesia and the supports from USA that formulates Draft about Palm Fuel. (T2)

 

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