Illustrative image (Photo: Internet) 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./.
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./.
VNA
