Indonesia to up CPO export tax, keep biodiesel rate

摘要

Singapore-Indonesia, a burgeoning exporter of biodiesel in Southeast Asia, said October 26 it will raise the export tax on crude palm oil to 10% in November, up 2.5 percentage points from October, but will maintain the export tax on biodiesel at 2%. Sources said the revision upward on the CPO export duty was due to surging global palm oil prices, which have risen 12% since October 1. The benchmark third-month CPO futures on Bursa Malaysia has risen to MR3,076/mt ($995/mt) from MR2,735/mt ($885/mt) at the start of the month.