Indonesia sets palm oil reference price at US$806.40/mt in Feb, to set price monthly
31/01/2024 (The Edge Malaysia), Jakarta - 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.
Indonesia, the world's top palm oil exporter, started to set its reference price every two weeks in 2022, amid global scarcity of vegetable oil and to quickly adjust its palm oil prices to volatile global prices.