Malaysia raises August crude palm oil reference price, export duty remains at 10%
Malaysia has increased its August reference price for crude palm oil to RM4,412.19 per ton, according to the Malaysian Palm Oil Board.
The July reference price stood at RM4,346.79 per ton. Despite the increase, the export duty will remain at the maximum rate of 10%.
In Malaysia, the export duty on crude palm oil starts at 3% when the reference price ranges between RM2,250 and RM2,400 per ton. The maximum 10% duty applies when the reference price exceeds RM4,050 per ton.
Malaysia is the world’s second-largest exporter of palm oil, after Indonesia.
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