Indonesia lowers export tax threshold on crude palm oil to $680/T -ministry – Reuters

Workers load palm oil fresh fruit bunches to be transported from the collector site to CPO factories in Pekanbaru, Riau province, Indonesia, April 27, 2022. REUTERS/Willy Kurniawan
JAKARTA, Aug 9 (Reuters) – Indonesia on Tuesday lowered its threshold for applying export tax on crude palm oil to a reference price of $680 per tonne, down from $750 per tonne previously, according to a finance ministry regulation.
The lowering of the threshold took effect on Tuesday.
The export tax goes up for every $50 price increase in the reference prices, which are set periodically by the trade ministry.
Indonesia's customs office said the changes brought up the current export tax for crude palm oil to $52 per tonne from the previous $33 per tonne, with the reference price currently set at $872.27 per tonne, it said in a separate statement.
Below are the new tax brackets according to the finance ministry regulation:
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Oil prices steadied on Friday, but fell for the week on a stronger U.S. dollar and fears that an economic slowdown would weaken crude demand.
Re-energised after a summer lull, the U.S. dollar has been supercharged by the stark contrast in energy price shocks faced either side of the Atlantic – one that's pummelled the pound and euro again this week.
Mike Dolan
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