KUALA LUMPUR (June 16): Malaysia, the world's second largest palm oil producer after Indonesia, will raise its crude palm oil export tax to 6.5% in July from 6% in June, according to a circular from the Malaysian Palm Oil Board on Friday.
The Southeast Asian nation calculated a palm oil reference price of RM2,890.04 (US$676.35) per tonne for July. A price above RM2,250 incurs a tax, which starts from 4.5% and can reach a maximum of 8.5%.
Malaysia had lowered the tax for a third consecutive month in June, down from 7% in May.
Palm oil benchmark prices have slid about 20% since the start of the year on concerns of rising output. It was last up 1.4% at RM2,484 on Friday.
(US$1 = RM4.2730)