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Malaysia to keep September crude palm oil export tax at 5.5%

Malaysia to keep September crude palm oil export tax at 5.5%

KUALA LUMPUR:  Malaysia, the world’s second-largest palm oil producer after Indonesia, will maintain its crude palm oil export tax at 5.5 per cent in September, the same rate as the previous month, according to a government circular today.

The South-east Asian nation calculated a palm oil reference price of RM2,677.91 per tonne for September. A price above RM2,250 incurs a tax, which starts from 4.5 per cent and can reach a maximum of 8.5 per cent. Palm oil benchmark prices fell 1.2 per cent to 2,633 ringgit at the close of trade last evening. Malaysia had last lowered the tax to 5.5 per cent in August from 6.5 per cent in July.