Malaysia cuts Sept crude palm oil export tax to 0%

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KUALA LUMPUR (Aug 13): Malaysia lowered its export tax on crude palm oil for September to 0%, the Malaysian Palm Oil Board said on Monday, citing the national customs department.

The export tax in August was 4.5%.

Malaysia is the world's second-largest producer of palm oil.

The Southeast Asian nation calculated a palm oil reference price of RM2,213.73 (US$541.25) per tonne for September. Any price above RM2,250 incurs a tax.

Malaysian benchmark palm oil futures were down 0.8% at RM2,225 a tonne around noon on Monday.

(US$1 = RM4.0900)