JAKARTA: Indonesia, the world's largest palm oil producer, plans to revise its palm oil export levy rules to allow higher collection when prices increase, a senior cabinet minister told Reuters on Tuesday , as part of moves to underpin an ambitious biodiesel programme.
Hartarto said as long as the crude oil price stayed around US$40 per barrel, the price gap was"manageable". Indonesia currently has a mandatory biodiesel programme known as B30, which has 30 per cent palm oil-based fuel content, and aims to increase the content to 40 per cent next year.The programme pushed through by President Joko Widodo has a dual target of propping up consumption of the vegetable oil and at the same time slashing expensive imports of fuel into Southeast Asia's biggest economy that has strained the current account deficit.
Farmers however are concerned that the higher levy will erode their income as exporters pass on the costs, said Mansuetus Darto, secretary general of the Oil Palm Farmers Union.
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