Malaysia kept export duty on crude palm oil at 8% in May

Malaysia kept the export duty on crude palm oil at 8 percent for May and raised the benchmark price, according to the website of the Malaysian Palm Oil Board.

The world’s second-largest palm oil exporter calculated the base price for May at 4,273.93 ringgit ($894.50) per ton. The benchmark price in April was 3,958.58 ringgit per ton.

Export duties on crude palm oil start at 3% and range from 2,250 to 2,400 ringgit per ton. The maximum tax rate is set at 8% if the price exceeds 3,450 ringgit per ton.

Tags: export, Malaysia, palm oil