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A circular published on the Malaysian Palm Oil Board website on Thursday showed that Malaysia raised its crude palm oil reference price for August, increasing the export duty to 9%.
The world’s second-largest palm oil exporter set a reference price of RM3,864.12 per tonne for August.
This compares with the July reference price of RM3,730.48 per tonne, which was subject to an 8.5% duty.
The export tax structure starts at 3% for crude palm oil when prices range between RM2,250 and RM2,400 per tonne.
The tax reaches the maximum rate of 10% when prices exceed RM4,050 per tonne.