How to Read CPO Prices: KPBN Tender, Bursa Malaysia, ICDX and the Kemendag Reference Price

The "CPO price" quoted every day actually comes from four different benchmarks. The KPBN tender records the domestic physical price in rupiah per kilogram. Bursa Malaysia trades futures contracts in ringgit per tonne. ICDX offers a CPO contract in rupiah per kilogram. The Ministry of Trade (Kemendag) reference price is set monthly in US dollars per tonne to calculate export duty and the export levy. Because their units, locations and timing differ, the numbers almost never match. For the October 2026 reference price, Kemendag recorded averages for 20 August–19 September 2026 of USD 938.89 per tonne on the Indonesian CPO exchange, USD 1,145.42 on the Malaysian exchange and USD 1,526.56 at the port of Rotterdam.

Benchmark	Unit	Frequency	Used for
KPBN tender	IDR/kg, excluding VAT	Daily (working days)	Domestic physical price benchmark, biodiesel HIP
Bursa Malaysia (FCPO)	Ringgit (RM)/tonne	Daily, futures	Global price benchmark
ICDX	IDR/kg, excluding VAT	Working days, futures	Hedging and a rupiah price reference
Kemendag reference price	USD/tonne	Monthly	Export duty and export levy

Four benchmarks, four ways to read them

KPBN tender. PT Kharisma Pemasaran Bersama Nusantara (KPBN), a subsidiary of the PTPN III plantation holding, sells plantation commodities through electronic tenders. Its tender reports usually give prices in rupiah per kilogram, excluding VAT, for specific delivery points such as franco Belawan and Dumai. A "WD" (withdrawn) mark means the highest bid did not reach the seller's asking price, so the lot was pulled. Follow the latest figure on our CPO price today page.

Bursa Malaysia. Crude palm oil futures (FCPO) on Bursa Malaysia Derivatives are quoted in ringgit per tonne. The third-month contract is commonly used as the benchmark, and media often call it FCPOc3. Because it is a futures contract, the price reflects market expectations a few months ahead, not the price of oil delivered that day.

ICDX. ICDX's CPO futures contract specification (code CPOTR) sets a size of 5 tonnes per lot, with prices in rupiah per kilogram on an ex-tank Belawan and Dumai basis, excluding VAT, and a minimum price move of IDR 5 per kg.

Kemendag reference price. This figure is calculated from average prices on the Indonesian CPO exchange, the Malaysian exchange and the port of Rotterdam over the previous period. If the three differ by more than USD 40, Trade Ministerial Regulation (Permendag) 35/2025 uses the average of the median source and the one closest to it. For October 2026 the reference price was set at USD 1,042.15 per tonne from the Indonesian and Malaysian sources, with an export duty of USD 178 per tonne and an export levy of 12.5%.

How to compare the numbers properly

1. Match the units. One tonne equals 1,000 kg. A price of IDR 15,217 per kg equals IDR 15.2 million per tonne.
2. Match the currency using an exchange rate from the same date, such as Bank Indonesia's middle rate.
3. Check the date and period. The KPBN tender is that day's price, FCPO is the price of a contract for a later month, and the reference price is an average of the previous month.
4. Check the location and taxes. Domestic prices are quoted at port tanks and exclude VAT, while exports from Indonesia bear export duty and the levy.

What to have ready before comparing:

• Rupiah-per-dollar and ringgit-per-dollar exchange rates for the same date.
• The contract month being quoted (for exchange prices).
• The averaging period used for the reference price or HIP.
• Terms such as FOB, franco and the K index, explained in our glossary.

From CPO price to farmers' FFB price

Under Agriculture Ministerial Regulation (Permentan) 13/2024, the fresh fruit bunch (FFB) price for partner smallholders is set by the provincial plantation office head on behalf of the governor, based on a proposal from a team of regional government officials, palm oil mills and growers' institutions. The formula is: FFB price = K index × (CPO price × CPO extraction rate + kernel price × kernel extraction rate). The CPO price used is the weighted average of the companies' actual export (FOB) and local sales, not the exchange price directly. If there were no sales, or if prices among team members differ by more than 2.5%, the team may use the average of member mills, the price from the state-owned joint marketing office (KPBN), or the Indonesian CPO exchange price. The team meets at least every two weeks, and the K index is set once a month. See provincial results on our FFB price today page.

From CPO price to the biodiesel HIP

The Ministry of Energy and Mineral Resources (ESDM) calculates the biodiesel market index price (HIP) from the average KPBN CPO price: HIP = (average KPBN CPO + USD 85 per tonne) × 870 kg/m³ + freight. The USD 85 per tonne covers the cost of converting CPO into biodiesel, and 870 kg/m³ converts kilograms into litres. For July 2026, an average KPBN CPO price of IDR 15,217 per kg over 25 May–24 June 2026 produced an HIP of IDR 14,562 per litre before freight. The monthly history is in our biodiesel HIP data.