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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 March, a change that keeps the export duty at 9%.
Malaysia, the world’s second-largest palm oil exporter, set the March reference price at RM3,896.09 per metric tonne.
The February reference price was RM3,846.84 per tonne and was subject to a 9% duty.
The export tax structure starts at 3% on 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.
Source: Reuters