Malaysia maintains export duty on crude palm oil at 8% in November

Malaysia has kept export duty on crude palm oil at 8% for November and raised the benchmark price, the Malaysian Palm Oil Board (MPOB) said in a circular on its website on Wednesday.

The world’s second-largest palm exporter calculated a base price of RM3,949.73 (US$918.54) per metric ton for November. The benchmark price in October was RM3,839 per metric ton.

The export duty structure starts at 3% for crude palm oil in the range of RM2,250-RM2,400 per tonne. The maximum tax rate is set at 8% when prices exceed RM3,450 per tonne.

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Tags: Malaysia, palm oil