KUALA LUMPUR: Malaysia maintained its export tax on crude palm oil for December at 0%, according to a circular on the Malaysian Palm Oil Board’s website, citing the Customs Department.
The export tax was at 0% in November.
Malaysia is the world’s second-largest producer of palm oil.
The Southeast Asian nation calculated a palm oil reference price of RM1,975.50 per tonne for December. Any price above RM2,250 incurs a tax.
Malaysian benchmark palm oil futures were last up 2.4% at RM2,014 a tonne at the close yesterday.