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Bangkok Post
Bangkok Post
Business

Indonesia scraps palm oil export levy

Oil Indonesia DMO Nusa Dua
Trucks carrying fresh oil palm fruit bunches queue for unloading at a factory in West Aceh, Indonesia in May. (Antara Foto via Reuters)

NUSA DUA, Indonesia: Indonesia has scrapped its export levy for all palm oil products until Aug 31 in a fresh attempt to boost exports and ease high inventories, finance ministry officials said on Saturday, adding the move would not disrupt government revenues.

The decision by the world’s biggest palm oil exporter could further depress prices, which have fallen by about 50% since late April to their lowest in over a year.

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