UPDATE 1-Indonesia extends palm oil export levy waiver up to ref price of $800/T
Indonesia has waived export levy since mid July
Nov. 1-15 reference price at $770.88/tonne
JAKARTA, Oct 31 (Reuters) - Indonesia said on Monday it has extended until the end of this year its policy of waiving a palm oil export levy, unless the palm oil reference price breaks $800 per tonnes, the economic ministry said on Monday.
The world's top palm oil producer has waived the levy since mid July to encourage exports following a three-week palm oil export ban aimed at controlling domestic cooking oil prices. That ban led to a problematic inventory glut.
The waiver was initially due to expire at the end of October.
"Once the price reach $800 per tonne, the zero levy will no longer be in effect," Coordinating Minister for Economic Affairs Airlangga Hartarto said in a statement.
Indonesia set its Nov 1-15 CPO reference price at $770.88 per tonne, a regulation document showed on Monday.
The reference price, set every two weeks, has stayed below $800 per tonne since early October. (Reporting by Bernadette Christina Munthe Writing by Fransiska Nangoy; Editing by Martin Petty)
© Copyright Thomson Reuters 2022. Click For Restrictions - http://about.reuters.com/fulllegal.asp