June CPO export tax to stay at 5%

KUALA LUMPUR: Malaysia, the world’s second-largest palm oil producer, kept its crude palm oil export tax at 5% in June, according to the Malaysian Palm Oil Board today, citing the national customs department.

The Southeast Asian nation calculated a palm oil reference price of RM2,421.19 per tonne for June. Any price above RM2,250 incurs a tax.

Malaysia resumed export taxes on crude palm oil in May at a 5% rate, after suspending it for four months at the start of the year to increase demand and boost prices.

Palm oil’s benchmark prices were last trading down 0.7% at RM2,718 today afternoon. – Reuters

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