Indonesia palm oil levy to be cut to zero until palm price recovers

JAKARTA: Indonesia has decided to cut is palm oil levy to zero due to the current low prices for the vegetable oil, the country's coordinating minister for economic affairs said on Monday.

"After long discussion, we have agreed that the levy on palm oil and its products, due to price conditions, will be lowered to zero," Darmin Nasution told reporters.

Indonesia, the world's top exporter, currently imposes a $50 levy per tonne of crude palm oil and $20 to $40 levies per tonne for palm oil products.

The levy will be gradually increased as palm oil prices recover, he said.