JAKARTA : Indonesia plans to bring in new rules on its palm oil export levy and incentives soon to boost exports and empty storage tanks, an official said, the latest attempt to boost shipments after the ending of an export ban in May.
"This temporary incentive is meant so that exports can flow so that tanks can be quickly emptied and farmers' fresh fruit bunches can be absorbed," he said in a text message. The high inventory level has forced some mills to close and others to limit palm fruit purchases, pressuring the price of fruit for growers.Indonesian authorities will also increase the content of palm oil-based fuel in its biodiesel to 35 per cent from 30 per cent starting on July 20 to try to use up some of the excess oil.
export ban is a blunder
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