The duty on CPO exports for May 2011 shipment fell due to a decline in CPO export prices, Director General of Foreign Trade at the Trade Ministry Deddy Saleh said on Thursday.
He said the export floor prices of CPO for May 2011 shipment had been set at US$1,073 per metric ton, of kernel US$658 per metric ton, of crude olein US$1,148 per metric ton, and of RBD palm olein US$1,150 per metric ton.
Meanwhile, the export floor prices of RBD palm kernel oil had been set at US$1,879 per metric ton, of crude stearin US$1,105 per metric ton, of crude palm kernel oil US$1,787 per metric ton, of crude kernel olein US$1,787 metric ton, of crude kernel stearin US$1,787 per metric ton, of RBD palm kernel oil US$1,833 per metric ton, of RBD palm oil US$1,152 per metric ton, of RBD Palm Stearin US$1,122 per metric ton, and of biodiesel US$1,191 per metric ton.
Under the finance minister`s regulation number 67 of 2010, the government has since last year imposed progressive duties on the export of CPO and its derivatives based on global CPO prices at the commodity exchange in Rotterdam, the Netherlands.
The government is in the middle of revising the regulation in response to oil palm growers` and producers` objections to the progressive export duties.
The revision includes a change in the use of CPO export floor prices in setting export levies.
In revising the regulation, the government would also use CPO prices at the domestic commodity exchange as reference to set the export duties, Deputy Trade Minister Mahendra Siregar said recently.
(T.M035/S012/H-NG/H-YH)
Editor: Priyambodo RH
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