Malaysia keeps February crude palm oil export duty at 10%

KUALA LUMPUR: Malaysia has maintained its February export tax for crude palm oil at 10% 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 4,817.70 ringgit ($1,071.79) per metric ton for February. The January reference price was 5,001.72 ringgit a ton.

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. - Reuters