Malaysia raises benchmark price of crude palm oil in August, raising duty to 9%

Malaysia has raised the benchmark price of crude palm oil for August, which will see export duties increase to 9%. The Malaysian Palm Oil Board (MPOB) announced on Thursday.

The world’s second-largest palm oil exporter has calculated the benchmark price for August at RM3,864.12 or $910.81 per tonne. The reference price for July was RM3,730.48 or $879.31 per tonne, with a duty of 8.5%.

The board recalls that the export duty rate on crude palm oil is 3% for prices between RM2,250 and RM2,400 per tonne. The maximum rate is 10%, which comes into effect when the price exceeds RM4,050 per tonne.

Earlier it became known that palm oil exports from Malaysia in June decreased by 10.52% and amounted to 1.26 million tons against 1.41 million tons in May,

Tags: palm oil, export, prices, Malaysia