JAKARTA, Nov. 1 (Xinhua) -- The Indonesian government has extended its zero-levy policy for exports of crude palm oil (CPO) and its derivatives until December, Coordinating Minister for Economic Affairs Airlangga Hartarto said on Tuesday.
"We're keeping the tariff at 0 U.S. dollars per metric ton until the CPO reference price is higher or equal to 800 dollars per metric ton," he said in a written statement, adding that the current reference price is still at 713 dollars per metric ton.
Indonesia, the world's largest palm oil producer, has implemented the levy exemption since July 15 to boost palm oil exports and reduce oversupply in the domestic market.
The Southeast Asian country has struggled with high stockpiles after it had banned palm oil exports from April 28 to May 23 to reduce domestic cooking oil prices. ■
