Indonesia extends palm oil export tax exemption until end of October
Indonesia has extended its zero-levy policy for palm oil exports until October 31, the Coordinating Ministry for Economic Affairs announced on August 29.
Jakarta (VNA) – Indonesia has extended itszero-levy policy for palm oil exports until October 31, the CoordinatingMinistry for Economic Affairs announced on August 29.
The extension of the zero export tariff will maintainthe current momentum where the prices of crude palm oil and domestic cookingoil have stabilised, and the price of fresh fruit bunches has increased so thatfarmers could enjoy the benefits, Indonesian Coordinating Minister for EconomicAffairs Airlangga Hartarto said.
Indonesian palm oil producers have struggled with highstockpiles after the country imposed a three-week export ban from April 28 toMay 23 to reduce domestic cooking oil prices.
Since lifting the ban, Indonesia has implemented rules onmandatory local sales - known as the domestic market obligation (DMO) - to maintain domestic cooking oil production.
The temporary policy of cutting the palm oil export levy tozero from around 200 USD per tonne was introduced by the world's largest palmoil producer in July, to boost exports and reduce oversupply in the domesticmarket./.
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