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Indonesia: CPO Reference Price Rises, Trade Ministry Increases Export Duties
TEMPO.CO, Jakarta – The Trade Ministry on Friday said the crude palm oil (CPO) reference price has increased which has affected the export duties (BK) and levies (PE) for the February 16-18 period to US$880.03 per metric ton.
This number increased by US$0.72 or 0.08 percent on February 1-15 period, which was US$879.31 per metric ton. The increase in the CPO reference price is again away from the threshold of US$680 per metric ton.
“For this reason, the government imposes a US$74 per metric ton CPO export duty (BK) and a CPO export (PE) levy of US$95 per metric ton,” the Director General of Foreign Trade Budi Santoso wrote in a written statement on Friday, February 17.
CPO export duties for this period refer to the Minister of Finance’s Regulation (PMK) No.123/PMK.010/2022 of $74 per metric ton. Meanwhile, the CPO export levy rate refers to PMK No.154/PMK.05/2022 of $95/MT.
Among many factors, Indonesia’s biodiesel policy change from B30 to B35 influenced the CPO reference prices. Indonesia’s Domestic Market Obligation (DMO) policy which was implemented by the government by freezing some export rights for CPO and its derivative products until April 30, has also affected the price.
Source: https://en.tempo.co/read/1692650/cpo-reference-price-rises-trade-ministry-increases-export-duties