Content ID

335378

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

(Adds details)

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

Read more about
Loading...

Tip of the Day

1-inch impact dolly cart

Socket caddy By welding lengths of angle iron with evenly spaced upright rods onto an old two-wheel dolly, I made a cart that holds my impact wrench... read more

Talk in Marketing

Most Recent Poll

Will you have enough on-farm storage for harvest?

I just want to see the responses
46% (26 votes)
Yes
39% (22 votes)
No, it’s going to be a bin-buster
7% (4 votes)
Maybe, depending on yields
5% (3 votes)
No, I am looking at new bins or temporary storage
4% (2 votes)
Total votes: 57
Thank you for voting.