Indonesia, the world’s largest palm oil producer, will begin raising export tariffs on crude palm oil (CPO) in order to support its Government’s compulsory bio-fuel programme.
Hanoi (VNA) – Indonesia, the world’s largestpalm oil producer, will begin raising export tariffs on crude palm oil (CPO) inorder to support its Government’s compulsory bio-fuel programme.
Accordingly, the country applies progressive export leviesof 55-255 USD for each CPO tonne depending on reference prices.
Indonesian Coordinating Deputy Economic Minister for Foodand Agriculture Musdhalifah Machmud said the policy will be revised monthly tosuit economic conditions.
The credit rating agency Fitch Ratings said on December 14 thatthe export levy increase will raise biodiesel consumption next year to offset subsidy burden.
According to the Indonesian Palm Oil Association, CPO exportwill annually decline by 18 percent this year to 24.92 million tonnes, mostlydue to falling demand from the European Union, China and India./.
Indonesia is likely to use up 8.3 million tonnes of palm oil to meet domestic demand for biodiesel this year, rising concerns there won’t be enough palm oil left to export, according to the Indonesian Palm Oil Association, or Gapki.
Indonesia will start the trial use of 40 percent biodiesel (B40) fuel in March, as a follow-up to the successful implementation of 30 percent biodiesel (B30) fuel, according to the Indonesian Biodiesel Producers Association (APROBI).
Indonesia exported a record 36.18 million tonnes of crude palm oil (CPO) and its products last year, from 34.71 million tonnes in 2018, according to data from the Indonesia Palm Oil Association (GAPKI).
Indonesia’ palm oil exports and its derivatives dropped to 4.93 million tonnes in the first two months of 2020 from 6.6 million tonnes in the same period last year due to the COVID-19 pandemic’s impact, the Indonesian Palm Oil Producers Association (GAPKI) said on April 21.
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Illustrative image (Photo: Internet) 
