Іndonesia raises palm oil reference price
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.
Read also
Wheat in Southern Brazil Impacted by Dry Weather and Frosts
Oilseed Industry. Leaders and Strategies in the Times of a Great Change
Black Sea & Danube Region: Oilseed and Vegoil Markets Within Ongoing Transfor...
Serbia. The drought will cause extremely high losses for farmers this year
2023/24 Safrinha Corn in Brazil 91% Harvested
Got additional questions?
We will be happy to assist!
Write to us
Our manager will contact you soon