Friday 29 Mar 2024
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KUALA LUMPUR (Sept 26): A special export duty exemption will be given to Crude Palm Kernel Oil (CPKO) and Refined Bleached Deoderised Palm Kernel Oil (RBDPKO), starting from Oct 1 this year till June 30 next year, the Ministry of Primary Industries announced today.

In a statement, the Ministry said the duty exemption is intended to further increase the export rate of both commodities and in turn help reduce the CPKO stock in the local market, especially in Sabah and Sarawak.

“In addition, these exemptions will act as catalysts in boosting exports of CPKO and RBDPKO through new companies and existing industry players abroad, and indirectly help increase the price of palm oil.

“Besides that, this implementation is also seen as an approach to encourage the palm oil industry to produce high value-added downstream products,” it said.

In this regard, the Ministry said it will, through the Malaysian Palm Oil Board (MPOB), monitor and regulate the export volume of CPKO and RBDPKO each month to ensure there is adequate supply for domestic industry use.

It added that the exemptions may be withdrawn and terminated any time.

Apart from the duty exemption, the Ministry said it will continue to implement appropriate measures to boost palm oil prices.

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