22/07/2011 (Philippine Star) - The Indonesian government has decreased export tax of crude palm oil (CPO) for August to 15 percent from 20 percent in July as the prices in the international market decrease, Director General for Foreign Trade of Trade Ministry Deddy Saleh said here on Thursday.

The reference price of the commodity at the international market in Rotterdam was now at 1,089.37 U.S. dollar per ton, lower than 1,168.38 U.S. dollar per ton in June, the director said.

In June, the export tax was 17.5 percent, and in March 25 percent, the highest this year, according to the ministry.

Trade Ministry decided every month export tax for following month by using the average prices of palm oil in Rotterdam in the previous month as reference price.

The export tax aims at securing domestic supply, stabilizing cooking oil prices and boosting downstream industry.

Indonesia is the world's largest palm oil producer.