Crude Palm Oil (CPO) prices on the Rotterdam spot market rose 3.4% to US$1,065 per metric ton on Friday, October 21, 2022, from the previous day's close. CPO prices had reached their highest level of US$2,010 per metric ton on Wednesday, March 9, 2022.
Compared to the beginning of the year, CPO prices on the spot market today are down 19.32% (year-to-date/YTD). Similarly, on a year-on-year basis (YOY), CPO prices have fallen by 21.83%.
Meanwhile, domestically, the spot price of palm oil in Medan reached Rp 18,318 per kg at the close of trading on Thursday, October 27, 2022.
Previously, the government banned the export of cooking oil and CPO on April 28, 2022. This ban caused the CPO price on the Medan spot market to fall by Rp 5,334.04 per kg, or 18.13%, to its lowest point of Rp 24,085.37 per kg on May 20, 2022.
The government then reopened exports on May 23, 2022, and CPO prices began to show an upward trend.
In some parts 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.
Lampung, for example, recorded the highest price for branded cooking oil in Indonesia, at Rp 30,150 per kg. Other regions, including parts of Southeast Sulawesi (Rp 26,750 per kg), parts of Maluku (Rp 26,400 per kg), Bengkulu (Rp 26,300 per kg), and Central Kalimantan (Rp 25,900 per kg), also showed high cooking oil prices.