Indonesia raises 30% of expected 2016 palm oil levy during Q1

In Indonesia, about 30% of the levy funds the government sought to raise during 2016 to fund its biodiesel blending mandate were secured during Q1, bringing in a total of $212 million. The subsidy level set for blenders during April to September is five times higher than the original subsidy set when the policy was introduced in 2015. The need for more subsidy is in line with increased prices due to increased demand, with prices hovering around $700 per ton in March compared to $450 per ton in August 2015.