Malaysia keeps October crude palm oil export duty at 8%

Worker harvesting fresh fruit bunches in an oil palm oil plantation in Kampung Kuala Tasek in Bukit Mertajam. —ZHAFARAN NASIB/The Star

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

The world's second-largest palm exporter calculated a reference price of RM3,839.10 per metric ton for October. September's reference price was RM3,915.19 a ton.

The export tax structure starts at 3% for crude palm oil in a RM2,250 to RM2,400 per ton range. The maximum tax rate is set at 8% when prices exceed RM3,450 a ton. - Reuters