Malaysia raises October palm oil reference price, keeps export duty at 10%

KUALA LUMPUR: Malaysia has raised its October crude palm oil reference price to a level that maintains the export duty range at 10%, a statement by the Malaysian Palm Oil Board showed on Friday.

The world’s second largest palm exporter calculated a reference price of 4268.68 ringgit ($1,015.87) per metric ton for October.

The September reference price was 4,053.43 ringgit a ton, and incurred a duty of 10%.

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 10% when prices exceed 4,050 ringgit a ton.