Palm Oil Industry Outlook Amid Decrease in Reference Price 2024

In the global economic sphere, uncertainty continues to loom over economic growth, particularly in developed nations. The United States is grappling with inflation levels that surpass the target, adding to economic concerns.

Dwi Rachmawati & Annasa Rizki Kamalina

4 Mar 2024 - 18.01
Palm Oil Industry Outlook Amid Decrease in Reference Price 2024

Workers arranging oil palm during harvesting in the Kemang area, Bogor Regency. Business-Arief Hermawan.

Bisnis, JAKARTA — The Ministry of Trade has established the reference price for crude palm oil (CPO) for the March 2024 period at $798.9 per ton, aligning with the downward trend in prices of other vegetable oils.

This marks a decrease of $7.51 or 0.93% from the previous month's reference price of $806.4 per ton.

Foreign Trade DG Budi Santosa explained that the reference price for CPO is derived from the average CPO prices on the Indonesian stock exchange, amounting to $773.31 per ton, and the Malaysian stock exchange, totaling $824.49 per ton. This calculation adheres to Minister of Trade Regulation No. 46/2022.

Consequently, the government has imposed a CPO export duty (BK) of $33 per ton and an export levy (PE) of $85 per ton for the March 2024 period, based on this determination.

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