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

"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.