Implications of Rising Palm Oil Reference Prices

The increase in reference prices, export duties, and CPO export levies in July 2024 is expected to exert pressure on palm oil export performance. However, these measures are not solely aimed at impacting export performance; they also serve the purpose of generating state revenue.

Fatkhul Maskur

1 Jul 2024 - 16.28
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Implications of Rising Palm Oil Reference Prices

Bisnis, JAKARTA — Following the price declines in June 2024, palm oil commodities are now facing higher reference prices for July 2024. This adjustment may pose a threat to export performance, potentially leading to a continued decline in exports.

The reference price (HR) for palm oil commodities, also known as crude palm oil (CPO), serves as the benchmark for calculating export duties (BK) and tariffs imposed by the Public Service Agency for the Palm Oil Plantation Fund Management Agency (BLU BPDPKS), commonly referred to as export levies (PE).

In the July 2024 period, the reference price for CPO stands at $800.75 per ton, marking an increase of $21.93 or 2.82% from the June 2024 period, which was $778.82 per ton.

"Currently, the reference price for CPO has increased, moving away from the threshold of $680 per ton," stated Budi Santoso, Director General of Foreign Trade at the Ministry of Trade, in a press statement on Saturday (29/6/2024).

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.