Worker loads palm oil fresh fruit bunches to be transported from the collector site to CPO factories in Pekanbaru, Riau province, Indonesia, April 27, 2022. Jokowi said Indonesia has enough capacity to meet domestic demand and it was "ironic" that the country is facing cooking oil shortages. REUTERS/Willy KurniawanTEMPO.CO, Jakarta - The Indonesian Trade Ministry on Wednesday announced the reference price of crude palm oil (CPO) for the August 9-15 export duty stipulation at US$875.27 per metric ton (MT).
"The reference price decreased by US$743.56 or 46.02 percent from the July 2022 period, which was US$1,615.83 per MT," said Acting Director General of Foreign Trade Veri Anggrijono in an official statement, Wednesday, August 10.
The determination of the price is stated in the Decree of the Minister of Trade Number 1157 of 2022 concerning the Reference Price of Crude Palm Oil Subject to Export Duties and Service Tariffs of the Public Service Agency, the Palm Oil Plantation Fund Management Agency (BPDPKS).
In addition, it is also recorded in the Decree of the Minister of Trade Number 1159 of 2022 concerning the List of Refined, Bleached, and Deodorized (RBD) Palm Olein Brands in Branded Packaging and Packaged with a Net Weight of less than 25 kilograms for the period of August 2022.
"Currently, the CPO reference price has decreased and has begun to reach the threshold of $750 per MT," said Veri Anggrijono. For this reason, the government imposed a CPO export tax at $52 per MT for the period of August 2022, based on the Regulation of the Minister of Finance Number 123 PMK.010/22. This value decreased from CPO export tax for the period July 2022.
Veri explained that the decline in the CPO reference price was influenced by several factors, including the Indonesian government's policy in the form of a flush-out (FO) program, an increase in export quotas, and a zero percent CPO export levy valid until August 31, 2022.
The government's policy, he said, made Indonesia's exports increase so that the world's supply of CPO was getting better. The external effect of the decline in the CPO reference price, among others, is Malaysia's policy to stop CPO production due to a shortage of workers.
According to Veri, Russia's policy to lower the export tax on sunflower oil has also contributed to the decline in world CPO prices.
RIANI SANUSI PUTRI
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