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)