
Nigerian Palm Oil About To Get Expensive As Indonesia Increases Export Levy
Nigerian Palm Oil About To Get Expensive As Indonesia Increases Export Levy Indonesia, the world’s largest producer of palm oil, increased the export tax on crude palm oil (CPO) from 7.5% to 10% on May 17. This policy shift is aimed at financing biofuel initiatives and replanting activities within the country. Nigeria, the world’s fifth-largest palm oil producer, still imports almost half of the two million tons consumed domestically each year. Palm oil has lost its status as the most reasonably priced vegetable oil globally due to supply shortages — including from Malaysia, the world’s second-largest producer. The Indonesian Ministry…