Indonesia extends zero export levy on palm oil-Xinhua

Indonesia extends zero export levy on palm oil

Source: Xinhua

Editor: huaxia

2022-08-29 23:04:45

JAKARTA, Aug. 29 (Xinhua) -- Indonesia has extended its zero-levy policy for palm oil exports until October 31, the Coordinating Ministry for Economic Affairs said on Monday.

"The extension of the export levy tariff of 0 U.S. dollar 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 U.S. dollars per ton was introduced by the world's largest palm oil producer in July, to boost exports and reduce oversupply in the domestic market.