KUALA LUMPUR, July 16 (Reuters): Malaysia kept its export duty on crude palm oil for August unchanged at zero per cent, according to a circular on the Malaysian Palm Oil Board's website on Tuesday, citing the national customs department.
The duty has been at zero per cent since September.
Malaysia, the world's second-largest producer of palm oil, calculated a palm oil reference price of 1,905.38 ringgit ($463.93) per tonne for August. Any price above 2,250 ringgit incurs a duty.
The Southeast Asian nation said in May it would defer the imposition of export duties on crude palm oil to Dec. 31 in efforts to boost palm oil exports and expand into new markets.
Malaysian benchmark palm oil futures 1FCPOc3 were down 0.4 per cent at 1,981 ringgit per tonne in early trade on Tuesday.
Malaysia keeps August crude palm oil export duty at zero per cent
FE Team | Published: July 17, 2019 00:07:26
Malaysia keeps August crude palm oil export duty at zero per cent
Share if you like