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Malaysia kept its crude palm oil export tax for February at 10% and lowered its reference price, according to a circular published on the Malaysian Palm Oil Board website on Thursday.
The world’s second-largest palm oil exporter calculated a reference price of RM4,817.70, or $1,071.79, per metric tonne for February.
The reference price for January was RM5,001.72 per tonne.
The export tax structure starts at 3% for crude palm oil when the price ranges between RM2,250 and RM2,400 per tonne.
The maximum tax rate is set at 10% when prices exceed RM4,050 per tonne.