Malaysia raises Sept crude palm oil reference price, lifting duty to 10%

Malaysia has raised its September crude palm oil reference price, a change that increases the export duty rate to 10%, a circular on the Malaysian Palm Oil Board website showed on Thursday.

The world’s second-largest palm exporter calculated a reference price of 4,053.43 ringgit ($962.12) per metric ton for September. The August reference price was 3,864.12 ringgit a ton, and incurred a duty of 9%.

The export tax structure starts at 3% for crude palm oil in a 2,250 ringgit to 2,400 ringgit-per-ton range. The maximum tax rate is set at 10% when prices exceed 4,050 ringgit a ton.
Source: Reuters