Lang
A statement from the Malaysian Palm Oil Board on Friday showed that Malaysia raised its crude palm oil reference price for October to a level that keeps the export duty rate at 10%.
The world’s second-largest palm oil exporter set a reference price of RM4,268.68, or $1,015.87, per metric tonne for October.
The reference price for September was RM4,053.43 per tonne and was subject to a 10% export duty.
The export tax structure for crude palm oil starts at 3% in the RM2,250 to RM2,400 per tonne price range.
The maximum tax rate is set at 10% when prices exceed RM4,050 per tonne.