Indonesia looking to change palm oil levy policy to raise more funds

In Indonesia, Reuters reports the government is looking to adjust its palm oil export levy in order to raise more money for biodiesel subsidies. The current levy is a flat $55 per metric ton no matter the price of palm oil, but the new policy will see the levy increase $5 for every $25 palm oil prices increase. The baseline for the new levy scheme was not reported but prior to June palm oil prices of $570 per ton triggered the levy.