Indonesia’s CPO benchmark price plan not unusual

Major contributor: A man works at an oil palm plantation in Dengkil, Selangor. Exports of palm oil and palm oil-based agriculture products accounted for RM96.53bil or nearly 80% of Malaysia’s exports of agriculture goods in 2022.

IN mid-January, when Indonesia’s Trade Minister Zulkifli Hasan said the country plans to launch a crude palm oil (CPO) benchmark price by June, it caused a buzz among palm oil industry stakeholders in Malaysia.

Indonesia is the largest producer of palm oil, followed by Malaysia.