KUALA LUMPUR: Malaysia has lowered its December crude palm oil reference price, a change that maintains the export duty at 10 per cent, a circular on the Malaysian Palm Oil Board website showed on Wednesday.
The world’s second-largest palm oil exporter calculated a reference price of RM4,259.70 (US$1,046.10) per tonne for December. The November reference price was RM4,323.78 a tonne, and incurred a duty of 10 per cent.
The export tax structure starts at 3.0 per cent for crude palm oil in a RM2,250 to RM2,400 per-tonne range. The maximum tax rate is set at 10 per cent when prices exceed RM4,050 ringgit a tonne.