Malaysia hikes August crude palm oil reference price, raising duty to 9%

KUALA LUMPUR: Malaysia has increased its August crude palm oil reference price, a change that raises export duties to 9%, a circular on the Malaysian Palm Oil Board website showed on Thursday.

The world’s second largest palm exporter calculated a reference price of 3,864.12 ringgit ($910.28) per metric ton for August.

The July reference price was 3,730.48 ringgit a ton, with a duty of 8.5%.

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The export tax structure starts at 3% for crude palm oil when prices are between 2,250 to 2,400 ringgits per ton.

The maximum tax rate is 10% and kicks in when prices exceed 4,050 ringgit per ton.