Indonesia raises crude palm oil benchmark price in July
Indonesia raised its benchmark price for crude palm oil (CPO) by $21.51 to $877.89 per tonne in July, the trade ministry said in a ruling seen by Reuters on Monday. The benchmark price was $856.38 per tonne a month earlier.
The new price will not affect the export duty, which will remain at $52 per tonne, the same as in June.
Indonesia also levies a 10% surcharge on CPO exports and a surcharge on refined palm oil products ranging from 4.75% to 9.5% of the benchmark price on top of the export duty.
Indonesia plans to increase palm oil exports by 1 million tonnes this year from last year to 25 million tonnes.
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