Malaysia Keeps March Crude Palm Oil Export Duty at 10%

Malaysia has maintained its March export tax on crude palm oil at 10%, and lowered its reference price, a circular on the Malaysian Palm Oil Board website showed on Wednesday.

The world’s second-largest palm exporter calculated a reference price of RM4,390.37 per metric ton for March. The February reference price was RM4,817.70 a ton.

The export tax structure starts at 3% for crude palm oil in a RM2,250 to RM2,400-per-ton range. The maximum tax rate is set at 10%, when prices exceed RM4,050 a ton.