KUALA LUMPUR: Malaysia has lowered its February crude palm oil reference price, a change that cuts the export duty to 9%, a circular on the Malaysian Palm Oil Board website showed on Thursday.
The world's second-largest palm oil exporter set a reference price of 3,846.84 ringgit ($950) per metric ton for February. The January reference price was 3,946.17 ringgit a ton, and incurred a duty of 9.5%.
The export tax structure starts at 3% when crude palm oil prices are within the 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
