Malaysia keeps June crude palm oil export duty at 8%, raises reference price

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

The world’s second-largest palm exporter calculated a reference price of 6,816.05 ringgit ($1,552.63) per tonne for June.

The May reference price was 6,759.22 ringgit a tonne. The export tax structure starts at 3% for crude palm oil in a 2,250 to 2,400 ringgit-per-tonne range.

Indonesia’s March palm oil exports down 40% y/y

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

Malaysia is still reviewing the viability of a temporary cut of the tax to 4%-6%, the Commodities Ministry said in a separate statement.