Malaysia cuts July palm oil reference price, export duty falls to 8.5% — MPOB

Malaysia has lowered its July crude palm oil reference price, a change that lowers the export duty to 8.5%, a circular on the Malaysian Palm Oil Board (MPOB) website showed on Wednesday (June 25).

The world’s second largest palm exporter calculated a reference price of RM3,730.48 (US$880.87) per metric tonne for July. The June reference price was RM3,926.59 a tonne, and incurred a duty of 9.5%.

The export tax structure starts at 3% for crude palm oil in a RM2,250 to RM2,400-per-tonne range. The maximum tax rate is set at 10%, when prices exceed RM4,050 a tonne.