March 16, 2020 / 4:21 AM / 17 days ago

Malaysia lowers crude palm oil duty for April to 5%

KUALA LUMPUR, March 16 (Reuters) - Malaysia has decreased its export duty for crude palm oil to 5% for April from 6% in March, the Malaysian Palm Oil Board said on Monday, citing the national customs department.

The world’s second-largest producer and exporter of palm oil calculated a reference price of 2,631.07 ringgit ($612.02) per tonne.

The export tax structure starts at 3% for crude palm oil priced in a 2,250-2,400 ringgit-per-tonne range. The maximum tax rate is set at 8% when prices are above 3,450 ringgit a tonne. ($1 = 4.2990 ringgit) (Reporting by Mei Mei Chu; Editing by Christian Schmollinger)

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