Malaysia raises benchmark palm oil price in October, keeps export duty at 10%
Malaysia raised the benchmark price of crude palm oil in October to a level that maintains the export duty band at 10%, the Malaysian Palm Oil Board (MBOP) said in a statement on Friday.
The world’s second-largest palm oil exporter calculated the October reference price at 4,268.68 ringgit (US$1,015.87) per tonne. The September reference price was 4,053.43 ringgit per tonne, implying a 10% duty.
The initial export duty rate on crude oil is 3%, ranging from 2,250 to 2,400 ringgit per tonne. The maximum duty rate is set at 10% when the price exceeds 4,050 ringgit.
The EU has previously endorsed Malaysian Palm Oil (MSPO) certification as a credible standard that could help meet the EU’s new deforestation regulations.
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