Indonesia has raised base export prices for palm oil products to bring them in line with international levels, the trade ministry said in a statement on Tuesday. The new prices will be applied from April 10 to May 9.
The base export price for crude palm oil has been raised to $525 a tonne from $490 a tonne, while refined, bleached and deodorised (RBD) palm olein, used as cooking oil, has been raised to $574 a tonne from $570.
The base export price for RBD palm oil is up to $565 a tonne from $556, while crude palm olein has been raised to $564 a tonne from $553. The ministry has also raised the base export price for palm kernel to $98 a tonne from $97.
Base prices are used to calculate the amount of tax paid by exporters. Crude palm oil is subject to a 1.5 percent export tax, while other palm oil derivative products are subject to a 0.3 percent export tax. Palm kernel is subject to a 3 percent export tax. Indonesia is the world's second-biggest exporter and producer of palm oil after Malaysia.
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