The Association of Indonesian Palm Oil Entrepreneurs (Gapki) Proposes the Determination of Reference Prices for Palm Oil in Rupiah

The Indonesian Palm Oil Association (Gapki) suggested that the government use the rupiah currency in setting the reference price for palm oil.

According to the General Chairman of Gapki, Joko Supriyono, so far the reference price for palm oil has used US dollars. "Indonesia likes to use the dollar price, we encourage it so that if we make a fixing price we use the Indonesian price," Joko said in a virtual meeting with the media crew, "I don't know why the government is still happy to use the dollar price," he added. In comparison, the benchmark price of palm oil on the Malaysia Derivatives Index or MDEX futures exchange always uses ringgit. Joko's statement was in response to the discourse that Indonesia, as the world's largest palm oil producer, could also be a source of reference for international palm prices. According to Joko, the price of palm oil anywhere is actually relatively the same, because it is the market that shapes the price. "As a producer, we cannot set a price, because transactions occur in various places," said Joko.

|•SOURCE•| Image :BISNIS |

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