KUALA LUMPUR (Nov 17): Malaysia has lowered its crude palm oil reference price for December to a level that maintains the export duty at 10%, a circular on the Malaysian Palm Oil Board website showed on Monday.

The world’s second-largest palm exporter calculated a reference price of RM4,206.38 per tonne for December. The November reference price was RM4,262.23 a tonne, and incurred a duty of 10%.

The export tax structure starts at 3% for crude palm oil in a RM2,250- to RM2,400-per-tonne range. The maximum tax rate is set at 10% when prices exceed RM4,050 a tonne.

Source: The Edge Malaysia