Malaysia Cuts July Palm Oil Reference Price as Export Duty Falls to 8.5%

Malaysia lowered its crude palm oil reference price for July, reducing the export duty to 8.5%, according to a publication on the Malaysian Palm Oil Board (MPOB) website on Wednesday, June 25.

The July reference price was set at RM3,730.48, or $880.87, per metric tonne.

This compares with the June price of RM3,926.59 per tonne, which carried an export duty of 9.5%.

The export tax structure starts at 3% for crude palm oil when the price ranges between RM2,250 and RM2,400 per tonne.

The tax reaches the maximum rate of 10% when prices exceed RM4,050 per tonne.