Entry into force of the reduction in palm oil tariffs – Business

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Divya Karyza (The Jakarta Post)

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Jakarta ●
Fri 2 July 2021

Indonesia, the world’s largest palm oil producer, has lowered tariffs on exported crude palm oil (CPO) and derived products to boost sales of these products abroad.

The country imposes export tariffs for palm oil in proportion to international CPO prices, both expressed in US dollars per tonne.

Ministry of Finance Regulation 76/2021 raises the international price threshold for the lowest tariff rate – US $ 55 per tonne – from $ 670 per tonne to $ 750 per tonne effective July 2. The regulations were published on June 25.

The regulations also lower the top tariff rate from $ 255 per tonne to $ 175 per tonne.

“This lower rate will hopefully increase the competitiveness of [Indonesian] palm oil products in the international market, ”said Eddy Abdurr, president and CEO of the Oil Palm Plantation Fund Management Agency (BPDPKS).

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