Mumbai, 16 May (Commoditiescontrol): Malaysia has decided to keep its June export tax for crude palm oil at 8% and has adjusted its reference price downward, as per a circular on the Malaysian Palm Oil Board website.
The reference price for June is set at 3,956.06 ringgit ($845.13) per metric ton, compared to May's 4,273.93 ringgit per ton. The export tax structure begins at 3% for crude palm oil priced between 2,250 to 2,400 ringgit per ton and reaches a maximum of 8% for prices exceeding 3,450 ringgit per ton.
Malaysia's decision to keep the June export duty for crude palm oil unchanged at 8% indicates stability in their palm oil industry. This consistency can be positive for businesses and investors, as they can plan their operations without sudden changes in export costs. It also reflects Malaysia's strategy to maintain competitiveness in global palm oil markets while balancing domestic economic interests.
(By Commoditiescontrol Bureau: 09820130172)
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