Indonesian government set the reference price of crude palm oil (CPO) products for export duties at US$1,036.22 a metric tones (MT) of CPO in March. The benchmark price increased by 0.92% than February, which was $1,026.78 a MT.
Because of the rising price, said the director general at trade ministry, Didi Sumedi, his office set the export levy for CPO and derivative products stayed at $93 per MT. Then, the ministry enacted the reference price for cocoa beans in March was $2,499.04 a MT or down 1.51% from the previous month of $2,537.37 a MT caused the declined.
“The increase in the reference price of CPO was due to the continued strengthening of international prices, while reference price of cocoa beans declined inline with lower international prices. This does not affect to the export levy for cocoa beans which remains at 5%,” he noted in an official statement released on Monday (March1 1).