The CPO Reference Price (Harga Referensi, HR) is the benchmark price for crude palm oil exports set by the Ministry of Trade of the Republic of Indonesia (Kemendag) through a Minister of Trade Decree (Kepmendag), usually at the end of each month for the following one-month period. The HR is calculated from the average CPO price on the domestic exchange, in Rotterdam and on the Malaysian exchange.
The HR is the basis for setting the export duty (bea keluar, set by Minister of Finance Regulation, PMK) and the export levy (pungutan ekspor, managed by the Oil Palm Plantation Fund Management Agency, BPDP, formerly BPDPKS): the higher the HR, the higher the rate bracket. The current HR, with its history and legal basis, is available on GIMNI's CPO Reference Price tracker.
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Indonesian version: Apa itu Harga Referensi (HR) CPO dan siapa yang menetapkannya?