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Malaysia raised its crude palm oil reference price for September, increasing the export duty rate to 10%, according to a circular published on the Malaysian Palm Oil Board website on Thursday.
The world’s second-largest palm oil exporter set a reference price of RM4,053.43 per metric tonne for September.
This compares with the August reference price of RM3,864.12 per tonne, which was subject to a 9% duty.
The export tax structure starts at 3% for crude palm oil when prices range between RM2,250 and RM2,400 per tonne.
The maximum tax rate reaches 10% when prices exceed RM4,050 per tonne.