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Indonesia cuts max palm oil export levy to $200, but to rise in August

Indonesia cuts max palm oil export levy to $200, but to rise in August

FILE PHOTO: A woman shops for cooking oil made from oil palms at a supermarket in Jakarta, Indonesia, March 27, 2022. REUTERS/Willy Kurniawan/

JAKARTA : Indonesia on Tuesday issued regulations backing recently announced changes on palm oil export tax policy, including lowering the maximum levy rate to $200 a tonne from $375 and charging special rates for its export acceleration programme.

The new rates took effect starting on Tuesday, holding until July 31, when the export acceleration programme ends, according to two trade ministry regulations.

The maximum export levy will be raised on Aug. 1 to $240 per tonne for shipments of crude palm oil for when the reference price hits at least $1,500 a tonne.

Source: Reuters

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