KUALA LUMPUR: Malaysia has raised its September crude palm oil reference price, a change that increases the export duty rate to 10%, a circular on the Malaysian Palm Oil Board website showed on Thursday.

The world’s second-largest palm exporter calculated a reference price of RM4,053.43 per metric ton for September. The August reference price was RM3,864.12 a ton, and incurred a duty of 9%.

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

Source: The Star