Malaysia keeps June crude palm oil export duty at 8%

KUALA LUMPUR: Malaysia has maintained its June export tax for crude palm oil at 8% and lowered its reference price, a circular on the Malaysian Palm Oil Board website showed on Thursday.

The world’s second largest palm exporter calculated a reference price of 3,956.06 ringgit ($845.13) per metric ton for June. May’s reference price was 4,273.93 ringgit a ton.

Malaysian palm oil futures lower

The export tax structure starts at 3% for crude palm oil in a 2,250 to 2,400 ringgit-per-ton range.

The maximum tax rate is set at 8% when prices exceed 3,450 ringgit a ton.