Malaysia cuts July palm oil reference price, export duty falls to 8.5pct
KUALA LUMPUR: Malaysia has lowered its July crude palm oil reference price, a change that lowers the export duty to 8.5 per cent, a circular on the Malaysian Palm Oil Board (MPOB) website showed on Wednesday (June 25).
The reference price for July is set at RM3,730.48 (US$880.87) per metric tonne.
In June, it was RM3,926.59, with a higher duty of 9.5 per cent.
Malaysia's export tax for crude palm oil starts at 3 per cent for prices between RM2,250 and RM2,400 per tonne.
The maximum rate is 10 per cent when prices exceed RM4,050.
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