Login ID:
Password:
Partner Login
Contact Us : 7066511911

Indonesia's palm oil exports gather pace after levy removal official

27 Jul 2022 7:20 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai, 27 Jul (Commoditiescontrol): Indonesia's crude palm oil (CPO) exports are gathering pace following the government's decision to waive off export levy to ease a supply glut, a senior Finance Ministry official said on Wednesday.

The world's biggest producer of the vegetable oil has removed an export levy for all palm oil products effective July 15 to August 31.

"CPO exports have increased, reaching between 100,000 tonnes to 140,000 tonnes per day. Prior to July 15, it was 60,000 tonnes to 90,000 tonnes per day," finance ministry's head of customs Askolani told a media briefing.

The measure is part of government efforts to encourage shipments after a three-week export ban earlier this year caused stocks to balloon and prices of fresh palm fruit bunches (FFB) to slump.

The government had banned exports of palm oil to control cooking oil prices at home. But since then, the government has been urged to accelerate exports as the industry complained that high inventories were preventing mills from buying more palm fruits from farmers.

Askolani said domestic FFB prices have improved from 1,000 rupiah per kilogram before the levy was removed, to around 1,500 rupiah per kilogram as of July 25.

Meanwhile, since resuming exports from May 23, Indonesia has issued palm oil export permits for a combined 3.84 million tonnes as of July 25.

(By Commoditiescontrol Bureau: +91-22-40015505)


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Market Commentary
Oil Spot Prices : 4-Feb-2023
Mustard seed up in Jaipur despite increased arrivals
CBOT Soy oil slid lower pressured by mill/oil spread tr...
DCE OIL COMPLEX EVENING CLOSING 03 Feb 2023
03 Feb 2023 20:15 MDEX/CBOT/DCE/ZCE Daily Rates Update
more
Top 5 News
Branded processed pulses at Mumbai APMC market- 4th Feb...
Burma Urad-Tur prices in $ terms at Chennai
Tur-Urad & Masoor remain weak at Delhi
Major producing states witness arrival of 1,32,200 bale...
Oil Spot Prices : 4-Feb-2023
Top 5 Special Reports
Soybean (Indore) Inflection Point: Retesting Range Su...
Chana Delhi (Rajasthan Line) Counter-trend Decline / ...
US Cotton net export sales for Jan 20-26 down 20% W/W a...
US Soybean net export sales for Jan 20-26 down 36% W/W ...
Sunflower Refined Oil (AP) A Bearish Sign: Major Supp...
Copyright © CC Commodity Info Services LLP. All rights reserved.