Malaysia has lowered its November crude palm oil reference price to a level that maintains the export duty at 10%, a circular on the Malaysian Palm Oil Board website showed on Tuesday.
The world’s second-largest palm exporter calculated a reference price of 4,262.23 ringgit ($1,008.10) per metric ton for November. The October reference price was 4,268.68 ringgit a ton, and incurred a duty of 10%.
The export tax structure starts at 3% for crude palm oil in a 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.
Source: Reuters
