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Indonesia has raised its crude palm oil (CPO) reference price by $21.51 to $877.89 a tonne for July, according to a trade ministry decision seen by Reuters on Monday. The reference price had stood at $856.38 a tonne the previous month.
The new price will not affect export levies, which will remain at $52 a tonne, unchanged from June.
Indonesia also imposes a 10% additional export tax on crude palm oil shipments, alongside an additional levy on refined palm oil products ranging from 4.75% to 9.5% of the reference price, on top of the export levy.
Indonesia plans to boost its palm oil exports by one million tonnes this year compared with last year, bringing total shipments to 25 million tonnes.
Source: Reuters