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Palm Oil Price: Indonesia has implemented a reduction in the export levy of palm oil. Also approved the export permit of 1.16 million tonnes of palm oil products. This will increase the arrivals and reduce the prices of edible oils.
Indonesia has issued new rules to implement the recently announced changes to the palm oil export tax policy. This includes reduction in the maximum levy rate to expedite slow return shipments after the end of export restrictions. Giving this information, National President of All India Edible Oil Traders Federation, Thakkar said that the new levy rate will continue till the end of July. After reconsidering it in August, the rates can be changed. On the other hand, Indonesia has increased palm oil export (Palm Oil Export) has approved the export permit of 1.16 million tonnes of palm oil products till Monday after lifting the ban. After the arrival of these goods in India, some relief is expected in the price of edible oils.
Indonesia, the world’s largest palm oil exporter, allowed shipments to resume from May 23 after a three-week export ban to boost domestic stocks of cooking oil and keep local prices under control. But during this period, Indonesia fell far behind in exports. There all the people related to palm oil production started coming in losses. That’s why the officials have started a scheme that will boost exports. Through this, changes have been made in the rules related to exports.
India will benefit
Thakkar said that on Tuesday, the maximum levy rate for crude palm oil was reduced from $ 375 to $ 200 per tonne. This rate is effective till July 31. Indonesian exporters pay a levy and an export tax on shipments. Overall, the combined limit of both levy and tax has been reduced from $575 a tonne to $488 a tonne to boost palm oil exports.
The trade ministry recently increased the allocation for exports to 2.25 million tonnes, from around one million tonnes earlier. With this, the people of India will get relief in the price of edible oils. Because India imports maximum palm oil from Indonesia itself.
Indonesia’s decision may reduce the price
Palm oil industry group sources said the export promotion program has helped palm oil trading companies to empty their storage tanks. However, international palm oil price and domestic fresh fruit flakes price may be assessed before increasing export levy rates from August 1. The organization’s General Secretary Tarun Jain said that by promoting exports and reducing levies by Indonesia, the import of palm oil in India will increase and this will affect the prices. Due to which the public is expected to get some relief in the coming days.
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