JAKARTA, July 31 (Xinhua) -- The Indonesian government will raise the benchmark price of crude palm oil (CPO) for August by 33.02 U.S. dollars to 910.91 dollars per metric ton, while lowering the reference price for cocoa beans by 1,203.90 dollars to 8,234.70 dollars per metric ton, the Ministry of Trade announced Thursday.
"The increase in the benchmark price of CPO is driven by higher demand, without a corresponding rise in production," said Tommy Andana, acting director general for foreign trade at the ministry.
For August, the government set an export duty for CPO at 74 dollars per metric ton, with the export levy fixed at 10 percent of the month's reference price.
In the cocoa sector, the reference price (HR) for August has been cut by 1,203.90 dollars to 8,234.70 dollars per metric ton, resulting in a lower export benchmark price (HPE) for cocoa beans, down by 1,169 dollars to 7,804 dollars per metric ton.
"The decline in HR and HPE for cocoa beans is due to increased supply from major producers such as Ivory Coast and Nigeria, while demand has not grown at the same pace," Andana said. ■