CPO Price Remains at US$885 per Metric Ton

Agus Dwi Darmawan 19/10/2022 12:01 WIB

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The National Center for Strategic Food Price Information (PIHPS) reports that cooking oil prices monitored yesterday remained above Rp 20,000 per kg.

Crude Palm Oil (CPO) Prices Over the Last Three Months - Data as of October 16, 2022

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CPO Price Remains at US$885 per Metric Ton

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Crude Palm Oil (CPO) Prices Over the Last Three Months - Data as of October 16, 2022

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Crude Palm Oil (CPO) prices on the Rotterdam spot market remained steady at US$885 per metric ton for the past 18 days, as of Sunday, October 16, 2022. The CPO price reached its highest level of US$2,010 per metric ton on Wednesday, March 9, 2022.

Compared to the beginning of the year, the CPO price on the spot market today is down 32.95% (year-to-date/YTD). Similarly, on a year-on-year basis (YOY), the CPO price has fallen by 32.18%.

Meanwhile, domestically, the CPO price on the Medan spot market reached Rp 16,778 per kg at the close of trading on Tuesday, October 18, 2022.

In April 2022, a day before the CPO export ban was implemented, the CPO price on the Medan spot market fell to Rp 19,419 per kg on April 27. Between April 28 and May 18, 2022, the CPO price on the Medan spot market fell by 10.08% to Rp 26,453.87 per kg.

As is known, starting April 28, 2022, the government banned the export of cooking oil and its raw materials. This policy was implemented to address the scarcity and curb the soaring prices of cooking oil in the domestic market. However, this ban has not proven effective in lowering the high price of cooking oil domestically.

In some regions of Indonesia, prices for branded cooking oil remain high. The National Strategic Food Price Information Center (PIHPS) reported that cooking oil prices were still above Rp 20,000 per kg yesterday.

For example, in Lampung, cooking oil is sold at Rp 31,050 per kg. In Southeast Sulawesi, it is sold at Rp 26,750 per kg; in parts of Maluku, it is Rp 26,400 per kg; in Bengkulu, Rp 26,300 per kg; and in Central Kalimantan, Rp 25,550 per kg.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."