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Malaysia keeps March crude palm oil export duty at 8% -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A worker arranges palm fruit bunches in a truck at Tanjung Karang factory, Malaysia on August 14, 2020. REUTERS/Lim Huey Teng

KUALA LUMPUR, (Reuters) – Malaysia maintained its March export duty for crude palm oil at 8% in March and increased its reference price on Wednesday. This was a document posted on Wednesday by the Malaysian Palm Oil Board.

This was the reference price for March at 5,277.58 ringsgit ($1,261.07) per kilogram. A tonne of February’s reference price was 4,907.14 ringsgit.

Crude palm oil is subject to an export tax of 3% in ranges from 2,250 to 2,400 Ringgit-per-tonne. When prices are greater than 3,450 Ringgit per Ton, the maximum tax rate is 8%.

($1 = 4.1850 ringgit)

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