Biodiesel MPI for October 2019 Rises to Rp 7.358/liter

BIODIESEL Market Price Index (MPI) for October 2019 is set higher as Crude Palm Oil (CPO) price has risen. Ministry of Energy and Mineral Resources (MEMR) has set biodiesel MPI at Rp 7,358 per liter and bioethanol MPI at Rp 10,273 per liter. The MPI is set for B20 mandatory program which includes diesel fuel blending, both for special purposed fuels and general fuels. “The latest MPI is effective from 1 October 2019, as stated on Director General of Energy New Renewable Energy and Energy Conservation at MEMR Number 2765/12/DJE/2019,` Head of Communication, Public Information Service and Cooperation of MEMR Agung Pribadi said on a statement, Thursday (26/9/2019). Agung added that Biodiesel price has risen Rp 399 per liter from previous month Rp 6,929 per liter. The price has risen responding to the hike of Rp 7,038 per kg in CPO average price set by Kharisma Pemasaran Bersama (KPB) for period of 15 August to 14 September 2019. The current biodiesel MPI is set using MPI pricing formula. “The transportation cost is defined by following rule on the decree of the Minister of MEMR No. 148 K/12/DJE/2019,” Agung said. Similarly, MPI bioethanol for October 2019 is set at Rp 10,273 per liter, calculated by the certain formula. “The currency conversion was based on average foreign exchange reference rates defined by Bank Indonesia for period of 15 August to 14 September 2019,” Agung said. MEMR regulates the MPI for biofuels through ministerial decrees issued each month and is evaluated at least every six months by Directorate General of New Renewable Energy and Energy Conservation. ** (Source: Pers Release, MEMR)