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People ride on a motorbike passed the trucks with palm oil fresh fruit bunches queue for unloading at a factory in West Aceh, Indonesia, May 17, 2022, in this photo taken by Antara Foto via REUTERS

JAKARTA: Indonesia plans to set a crude palm oil reference price every two weeks so that its tax rate can move more in line with market prices, CNBC Indonesia reported on Monday, citing the trade minister.

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Indonesia currently sets its palm oil reference price every month, which determines its export tax rates. It was not immediately clear when the change, which Reuters recently reported was being considered, would take effect.

Officials with the trade ministry did not immediately respond to a request for comment. - Reuters

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