Malaysia to suspend export tax on palm oil for three months

Short-term move: Mah says scheme is one of short-term measures to manage fall in CPO prices.

KUALA LUMPUR: Malaysia, the world’s second-largest palm oil producer, will suspend export taxes on crude palm oil for a three-month period starting on Jan 8 to boost prices and reduce high stockpiles, according to Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong.

The export tax suspension will be lifted before the three-month period if crude palm oil stocks fall to 1.6 million tonnes, he said at a press conference yesterday.