November 2025 CPO Reference Price Edges Up to US$963.75 as Trade Ministry Cites B50 Plan

Jakarta — Indonesia's Trade Ministry has set the crude palm oil (CPO) reference price for November 2025 at US$963.75 per tonne, just US$0.14, or 0.01%, above October's US$963.61. On that basis, the CPO export duty for November 2025 is US$124 per tonne and the export levy is 10% of the reference price, or US$96.3748 per tonne. The ministry cited the planned B50 biodiesel rollout as one of the factors supporting prices.

The reference price is used to set the export duty and the service tariff of the Plantation Fund Management Agency (BPDP) public service unit for 1–30 November 2025. It is laid down in Trade Ministerial Decree No. 2139 of 2025, KabarBursa and EmitenNews reported.

B50 and soybean oil lend support

Tommy Andana, acting Director General of Foreign Trade at the Trade Ministry, said the November increase reflected expectations of stronger demand, particularly from Malaysia, and the planned implementation of B50. Higher prices of competing vegetable oils, especially soybean oil, also played a role.

B50 sentiment ran through the palm market in October 2025. KabarBursa reported on 9 October 2025 that December-delivery CPO futures on Bursa Malaysia Derivatives rose 26 ringgit, or 0.57%, to 4,571 ringgit per tonne, a third straight daily gain. Paramalingam Supramaniam, director at brokerage Pelindung Bestari, was quoted as saying the rise was driven mainly by positive sentiment over Indonesia's B50 policy and a firmer Dalian opening, though he described the rally as fragile.

Indonesian Palm Oil Association (GAPKI) chairman Eddy Martono, speaking at a press conference in Jakarta reported by detikFinance on 28 October 2025, likewise expected prices to rise if B50 is implemented in the second half of next year, though he said the increase would not come soon.

How the reference price is calculated

Under Trade Ministerial Regulation No. 35 of 2025, the reference price is derived from average prices from three sources over 20 September–19 October 2025:

Price source	Average (US$/tonne)
Indonesian CPO exchange	887.73
Malaysian CPO exchange	1,039.76
CPO price at the Port of Rotterdam	1,247.67

Because the averages differed by more than US$40, the reference price was taken from the average of the two sources around the median — the Malaysian and Indonesian exchanges — giving US$963.75 per tonne. "The CPO reference price is therefore sourced from the CPO exchanges in Malaysia and Indonesia," Tommy said, as quoted by EmitenNews.

Export duty and levy breakdown

• CPO export duty: US$124 per tonne, under column 7 of Annex C to Finance Ministry Regulation (PMK) No. 38 of 2024 as amended by PMK No. 68 of 2025.
• CPO export levy: 10% of the reference price, or US$96.3748 per tonne, under Annex A to PMK No. 69 of 2025.
• Branded refined, bleached and deodorised (RBD) palm olein in packs of up to 25 kg: export duty of US$31 per tonne, with eligible brands listed in Trade Ministerial Decree No. 2140 of 2025.

Combined, the export duty and levy come to roughly US$220 for every tonne of CPO exported in November 2025. The export levy is collected by the BPDP public service unit.

In the same decree, the ministry cut the November 2025 reference price for cocoa beans to US$6,374.80 per tonne, down 14.53% from the previous month, as supply from major producers such as Côte d'Ivoire increased after improved rainfall. The latest palm oil and biodiesel prices are tracked on our prices page.