Malaysia keeps March crude palm oil export duty at 8%

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A worker arranges palm oil fruit bunches on a truck at a factory in Tanjung Karang

KUALA LUMPUR – Malaysia has maintained its March export tax for crude palm oil at 8% and raised its reference price, a document on the Malaysian Palm Oil Board website showed on Wednesday.

The world’s second-largest palm exporter calculated a reference price of 5,277.58 ringgit ($1,261.07) per tonne for March. The February reference price was 4,907.14 ringgit a tonne.

The export tax structure starts at 3% for crude palm oil in a 2,250 to 2,400 ringgit-per-tonne range. The maximum tax rate is set at 8% when prices exceed 3,450 ringgit a tonne.

($1 = 4.1850 ringgit)

(Reporting by Mei Mei Chu)