Jakarta 30 August : Indonesia has extended its zero-levy policy on palm oil exports up to October 31st the Coordinating Ministry for Economic Affairs said.
“The extension of the export levied tariff of $0 will keep the current pace where costs of crude palm oil as well as cooking oil for domestic use have stabilised, and the cost of fresh fruit bundles has increased , so that farmers can enjoy the advantages,” said Coordinating Minister for Economic Affairs Airlangga Hartarto.
Indonesian palm oil producers have been struggling with overstocked stocks since the country has imposed a three-week export restriction from April 28 through May 23 in order to lower the cost of cooking oil in the country.
The short-term strategy of cutting the levy for exports of palm oil to zero, from around $200 per ton was announced by the world’s leading palm oil producer in July to increase exports and lessen the excess supply in the market domestically.
int/shs
