Indonesia raised its 2022 biodiesel allocation to 11.03 million kiloliters amid expectations of rising demand in the fourth quarter, while extending a palm oil export tax exemption, a senior official said on Monday. 29).
The allocation of biodiesel, which is made from palm oil in Indonesia, will be increased by 10.15 million kiloliters, the coordinating minister for Economic Affairs, Airlangga Hartarto, said in a statement.
Indonesia has a mandatory B30 program where 30% of the fuel is palm oil-based, and the post-pandemic economic recovery is increasing demand for the fuel, he said.
The world’s largest palm oil producer has also decided to extend its export tax exemption until October 31, Airlangga added.
“The extension of the 0 dollar rate is intended to maintain the current situation, in which the price of crude palm oil is starting to stabilize, the price of cooking oil is starting to fall and the price of fresh fruit bunches is starting to rise” , he said.
The world’s biggest palm oil exporter has waived the export tax on the product since mid-July to encourage exports of the edible oil amid a domestic stockpile caused by an export ban in May imposed to rein in palm oil prices. kitchen oil.
The Ministry of Finance regulation detailing the extent of the tax exemption has not yet been made public.
Source: CNN Brasil
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