21/12/2022 (Successful Farming), Jakarta - Indonesia's palm oil fund (BPDPKS) revised down its estimate of crude palm oil inventory by the end of 2023 to 4.37 million tonnes as the country expands its mandatory biodiesel blending programme, the agency's data showed on Wednesday.

The agency previously estimated palm oil stocks to be at 5.74 million tonnes by end of next year, before the government decided to raise mandatory palm-based biodiesel blending to 35% starting January 1, 2023.

The BPDPKS is in charge of collecting palm export levies and distributing the proceeds for various palm oil-related programmes, including for biodiesel.

Indonesia's energy ministry allocated 13.15 million kilolitres palm-based biodiesel for 2023, a 19% increase from the 11.02 million kilolitres allocated this year.

The world's biggest palm oil producer has since 2020 implemented the B30 programme, which mandates fossil gasoil to be blended with 30% palm oil-based fuel, to reduce fuel imports and amid efforts to shift to renewable energy. (Reporting by Bernadette Christina; Editing by Kanupriya Kapoor)

https://www.agriculture.com/markets/newswire/indonesia-palm-oil-fund-lowers-2023-inventory-forecast