CPO Price Rises to MYR 3,930 per Ton

The price of palm oil on the Malaysian Futures Exchange (FCPOc1) increased by 0.26% to MYR 3,930 per ton on Tuesday, February 13, 2024, from the previous day's closing price. The CPO price reached its highest level of MYR 4,019 per ton on Friday, January 26, 2024.

Compared to the beginning of the year, the CPO price in the Spot Market today is up 8.18% (year-to-date/YTD). Similarly, year-on-year (YOY), the CPO price has increased by 2.08% compared to the same period.

Meanwhile, domestically, the price of palm oil in the Medan spot market reached Rp 13,530 per kg at the close of trading on Friday, December 15, 2023.

In April 2022, the day before the CPO export ban was implemented, the price of palm oil in the Medan spot market fell to Rp 19,419 per kg on April 27. Meanwhile, from April 28 to May 18, 2022, the CPO price in 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 overcome the scarcity and suppress the soaring price of cooking oil in the domestic market. However, this ban did not prove to be effective in lowering the high price of cooking oil domestically.

In some regions of Indonesia, the price of branded cooking oil is still high. The National Strategic Food Price Information Center (PIHPS) released a price monitoring report showing that cooking oil prices were still above Rp 20,000 per kg yesterday.

Some regions recording high cooking oil prices include North Maluku, where the price was recorded at Rp 24,400 per kg.

Other regions with the highest cooking oil prices nationally include parts of Central Java (Rp 22,350 per kg), Gorontalo (Rp 21,900 per kg), North Kalimantan (Rp 21,300 per kg), and parts of West Nusa Tenggara (Rp 20,800 per kg).