Production in Indonesia and Malaysia will increase, CPO prices in February 2024 will increase by 4.06 percent

RBD Palm Oil

Published Feb 1, 2024

Tridge summary

Indonesia's Ministry of Trade has increased the reference price for crude palm oil (CPO) commodities for February 2024 to 806.40 US dollars per metric ton, a 4.06% rise from the previous period, due to increased demand and a rise in world crude oil prices. The government will also impose a CPO export duty of 33 US dollars and an export levy of 85 US dollars per metric ton. Additionally, the reference price for cocoa beans has been set at 4,345.70 US dollars per metric ton, a 2.71% increase from the previous month, due to increased demand and production issues in African countries.

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Original content

REPUBLIKA.CO.ID, JAKARTA -- The Ministry of Trade (Kemendag) stated the reference price (HR) for crude palm oil (CPO) commodities for determining export duties (BK) and export levies (PE) for the period 1-29 February 2024 amounting to 806.40 US dollars per metric ton, up 4.06 percent from the previous one. Director General of Foreign Trade at the Ministry of Trade, Budi Santoso, said that starting February 1 2024, CPO reference prices will be determined once a month, valid from the first to the last date of the month of implementation. "The reference price for CPO has increased away from the threshold of 680 US dollars per metric ton. For this reason, referring to the PMK currently in effect, the government imposes a CPO BK of 33 US dollars per metric ton and a CPO PE of 85 US dollars per metric ton for the period 1-29 February 2024," said Budi in a statement in Jakarta, Thursday (1/2/2024). The price source for determining the CPO reference price is obtained from the average ...

Source: Republika