RRI.CO.ID, Jakarta - Indonesian Trade Ministry has set the reference price (HR) for crude palm oil (CPO) at USD 938.87 per metric ton (MT) for the period of March 1–31, 2026. The figure rose 2.22 percent, or USD 20.40, from USD 918.47 per MT in the February 1–28, 2026 period.

“Referring to the applicable Minister of Finance Regulation (PMK), the government imposes a CPO export duty (BK) of USD 124 per MT, as well as a CPO export levy (PE) of 10 percent of the CPO HR for the March 2026 period, amounting to USD 93.89 per MT,” said the ministry’s Director General of Foreign Trade, Tommy Andana, as quoted on the ministry's official website on Saturday, February 28, 2026.

The BK for March 2026 refers to Column 7 of Appendix C of PMK No. 38/2024 in conjunction with PMK No. 68/2025, while the PE refers to Appendix A of PMK No. 69/2025.

Tommy explained that the HR was calculated based on the average price between January 20 and February 19, 2026, recorded at USD 882.76 per MT on the Indonesian CPO Exchange, USD 994.97 per MT on the Malaysian CPO Exchange, and USD 1,252.36 per MT at Rotterdam port.

Under Trade Minister Regulation No. 35/2025, if the average difference among the three sources exceeds USD 40, the HR is determined using the two closest median prices. “Thus, the HR is sourced from the Malaysian CPO Exchange and the Indonesian CPO Exchange. Based on these calculations, the CPO HR is set at USD 938.87 per MT,” he said.

For Refined, Bleached, and Deodorized (RBD) palm olein in branded packaging of up to 25 kilograms, the government has set the BK at USD 31 per MT, as stipulated in Trade Minister Decree No. 374/2025.

Tommy noted that the increase in HR was driven by rising demand, particularly from India and China, which was not matched by supply. “The limited supply was due to declining production and higher prices of other vegetable oils, such as soybean oil,” he said.

The HR for cocoa beans in March 2026 was set at USD 4,047.45 per MT, down 29.21 percent from USD 5,717.44 per MT in the previous period. The decline in HR also reduced the benchmark export price (HPE) for cocoa beans to USD 3,722 per MT, a 30.44 percent drop from its February 2026 level.

“The decrease in HR and HPE for cocoa beans was influenced by weaker demand, while supply increased as production improved in major producing countries such as Côte d’Ivoire,” Tommy said.

The BK for cocoa beans in March 2026 refers to Column 4 of Appendix B of PMK No. 38/2024 in conjunction with PMK No. 68/2025, set at 7.5 percent. The PE for cocoa beans in the same period refers to Appendix C of PMK No. 69/2025, also set at 7.5 percent.

For leather products, the HPE in March 2026 remained unchanged from the previous month. Meanwhile, the HPE for pine resin was set at USD 903 per MT, up USD 42 or 4.88 percent from February 2026.

The HPE for leather products, wood chips or particles, chipwood, and processed wood with a cross-sectional area of 1,000–4,000 mm² from sungkai plantation forests, as well as processed merbau wood with a cross-sectional area of 4,000–10,000 mm², remained unchanged from February 2026.

However, the HPE increased for veneer from natural and plantation forests, plywood for packing boxes, and processed wood with a cross-sectional area of 1,000–4,000 mm² from meranti, mixed tropical hardwoods, ebony, pine, gmelina, acacia, sengon, rubber, balsa, eucalyptus, and sungkai.

On the other hand, the HPE for processed merbau wood with a cross-sectional area of 4,000–10,000 mm² from teak declined.

The determination of HR for CPO, HR and HPE for cocoa beans, HPE for leather products, HPE for wood products, and HPE for pine resin is stipulated in Trade Minister Decree No. 373/2026 on Benchmark Export Prices and Reference Prices for Agricultural and Forestry Products Subject to Export Duty and Public Service Agency Tariffs. ***