INDONESIA PLANS EXTENSION OF PALM OIL EXPORT LEVY TO YEAR-END
JAKARTA, Oct 4 (Reuters) - Indonesia, the world's biggest producer of palm oil, may extend an export levy waiver on the edible oil to the end of this year, its chief economic minister said on Tuesday.
Indonesia started waiving levies imposed on exports of palm oil products from mid-July to help reduce a stock glut that accumulated after a three-week export ban in late April, which was designed to stabilise local cooking oil prices.
The levy waiver policy is currently scheduled to end after Oct. 31.
"The plan is for an extension... until the end of the year," minister Airlangga Hartarto told reporters.
Indonesia collects export levies, on top of a separate export tax, to fund subsidies for its biodiesel and smallholders replanting programmes.
However, as palm oil prices have dropped and the cost of palm oil-based biodiesel is lower than fossil diesel fuel, Indonesia currently needs less funds for the biodiesel programme, Airlangga said.
By: via Malaysian Palm Oil Council Russia
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