Indonesia extends zero export levy on palm oil till October 31
Aug 30, 2022, 10:22 IST
Indonesia has extended its zero-levy policy for palm oil exports until October 31, the Coordinating Ministry for Economic Affairs said.
"The extension of the export levy tariff of $0 will maintain the current momentum where the prices of crude palm oil and domestic cooking oil have stabilized, and the price of fresh fruit bunches has increased so that farmers could enjoy the benefits," said Coordinating Minister for Economic Affairs Airlangga Hartarto.
Indonesian palm oil producers have struggled with high stockpiles after the country imposed a three-week export ban from April 28 to May 23 to reduce domestic cooking oil prices.
The temporary policy of cutting the palm oil export levy to zero from around $200 per ton was introduced by the world's largest palm oil producer in July, to boost exports and reduce oversupply in the domestic market.
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"The extension of the export levy tariff of $0 will maintain the current momentum where the prices of crude palm oil and domestic cooking oil have stabilized, and the price of fresh fruit bunches has increased so that farmers could enjoy the benefits," said Coordinating Minister for Economic Affairs Airlangga Hartarto.
Indonesian palm oil producers have struggled with high stockpiles after the country imposed a three-week export ban from April 28 to May 23 to reduce domestic cooking oil prices.
The temporary policy of cutting the palm oil export levy to zero from around $200 per ton was introduced by the world's largest palm oil producer in July, to boost exports and reduce oversupply in the domestic market.
SEE ALSO :
Power Grid delays tender that pushes outdated tech in smart meters
Gautam Adani is now the third richest person in the world, only behind Elon Musk and Jeff Bezos