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Indonesia Remove Export Levy On All Palm Oil Products

INDONESIA: The ministry earlier in the day issued a new regulation removing the export levy on all palm oil products from July 15 to Aug. 31, and set a progressive rate ranging between $55 to $240 per tonne based on crude palm oil prices from Sept. 1.

It will go back to applying a progressive palm oil export levy system starting on Sept. 1 and use the revenue to stabilise domestic cooking oil prices and fund its biodiesel programme, Finance Minister Sri Mulyani Indrawati said on Saturday.