JAKARTA (RambuEnergy.com) – Indonesian market index price (HIP) for biodiesel in February rose to Rp9,493 per liter,up 1.3% from January, following a rise in crude palm oil (CPO reference price which also rose to Rp9,238 per liter, according to the Ministry of Energy and Mineral Resources (MEMR) data.
In January, the HIP for biodiesel stood at Rp9,362 per liter. The CPO reference price rose to Rp9,238 per kg from Rp9,082 per kg in January.
The HIP Index is used as the MEMR as reference price to pay biodiesel producers who supply to biodiesel buyers Pertamina, AKR and others.
The HIP was set after taking into account the average price of Kharisma Pemasaran Bersama (KPB) from Dec. 25, 2016 to Jan. 24, 2017. The HIP price is set based on the average price of CPO KPB, and addded with the CPO conversion into biodiesel at USD125 per metrik ton as well as transportation price.
The HIP is set every month by the New, Renewable and Energy Conservation (EBTKE) at the Energy and Mineral Resources Ministry and is reviewed every six month. (*()