Indonesia sets the palm oil reference price at US$806.40 per metric ton from February

Published 2024년 1월 31일

Tridge summary

Indonesia, the world's leading palm oil exporter, has raised its palm oil reference price to US$806.40 per metric tonne for February, up from US$774.93. The export tax and levy for Crude Palm Oil (CPO) will be US$33 and US$85 per tonne, respectively. The trade ministry has shifted from setting the reference price twice a month to a monthly schedule to provide more certainty for businesses and simplify logistics. This change follows the country's decision to set its reference price every two weeks in 2022 due to a global vegetable oil shortage and fluctuating global prices.

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Original content

JAKARTA (Jan 31): Indonesia has set its palm oil reference price at US$806.40 (RM3,814) per metric tonne for Feb 1-29, an increase from US$774.93, a trade ministry decree showed on Wednesday. The CPO export tax and levy will be US$33 per ton and US$85 per tonne, respectively. The trade ministry also stated that Indonesia's palm oil reference price will be set monthly, instead of twice a month starting in February. The decision was made to provide certainty for businesses, especially exporters, and makes it easier for logistics, Budi Santoso, a director general of foreign trade, said. ...

Source: Theedgemarkets