Lang
KUALA LUMPUR – Malaysia has announced a revised reference price for crude palm oil (CPO) exports in September, setting it at a level that will keep the export duty unchanged at 10%. The Malaysian Palm Oil Board (MPOB) confirmed the adjustment via a circular published on its website on Wednesday, August 12. As the world's second-largest exporter of palm oil, Malaysia's pricing decisions are closely watched by the global commodities market.
For September, the reference price for crude palm oil has been calculated at RM4,392.32 per metric tonne. This marks a slight decrease from the August reference price, which stood at RM4,412.19 per tonne. Despite the downward adjustment in the reference price, the current valuation ensures that the maximum export duty of 10% remains applicable.
Malaysia's export tax framework for crude palm oil begins with a 3% levy for prices ranging between RM2,250 and RM2,400 per tonne. The duty incrementally rises with higher prices, reaching its peak rate of 10% when the price of crude palm oil surpasses RM4,050 per tonne.
Source: The Edge Malaysia