Indonesia lowered the June crude palm oil (CPO) benchmark price to $1,029.51 per metric ton, according to a statement by Indonesia's Trade Ministry on May 30.
This represents a 1.91% decline from $1,049.58 per metric ton in May.
The lowering of the reference price came about due to a drop in demand from major importing countries such as India.
As a result, export duty on crude palm oil fell to $148 per metric ton in the month, Director General of Foreign Trade of the Ministry of Trade Tommy Andana said.
The June export levy stood at 12.5% of the reference price, which is nearly $128.6892 per metric ton, Tommy added.