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The export tax goes up for every $50 price increase in the reference prices, which are set periodically by the trade ministry.(File pic shows a vendor selling cooking oil in Jakarta.)

JAKARTA: Indonesia on Tuesday lowered its threshold for applying export tax on crude palm oil to a reference price of $680 per tonne, down from $750 per tonne previously, according to a finance ministry regulation.

The lowering of the threshold took effect on Tuesday.

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The export tax goes up for every $50 price increase in the reference prices, which are set periodically by the trade ministry.

Indonesia's customs office said the changes brought up the current export tax for crude palm oil to $52 per tonne from the previous $33 per tonne, with the reference price currently set at $872.27 per tonne, it said in a separate statement.

- Reuters

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