Biodiesel reference price set at 0.5% lower in January
Thursday, December 31 2020 - 06:34 PM WIB
The reference price (or also known as HIP) of biodiesel for the month of January 2021 has been set at Rp9,457 per liter , 0.5 percent lower than the reference price in December at Rp9,505 per liter.
The reference, however, was still higher than the November price at Rp9,329, the Ministry of Energy and Mineral Resources said on Thursday (31/12).
The price excludes the transportation costs for each hand-over spots, said the Head of Bureau for Communication and Public Communication Services at the MEMR Agung Pribadi said in Jakarta on Thursday.
Read also : Biodiesel reference price set 1.89% higher in December
The above biodiesel reference price (HIP) becomes effective from Jan. 1, 2021, until the end of the month.
The reference price is set based on a certain formula, which takes into account the cost of the conversion of crude palm oil (CPO) into biodiesel at US$85/MT with a conversion factor of 870 kg/m3 as regulated by Minister of EMR Decree Number 182K/10/MEM/2020 which was issued last September.
Editing by Roffie Kurniawan