Malaysia cuts crude palm oil export duty for May to 4.5%

A worker loading palm oil fruits onto a truck at a plantation in the Nagan Raya district in Aceh province. (AFP Photo)

Malaysia has reduced its export duty on crude palm oil to 4.5% for May from 5% in April, the Malaysian Palm Oil Board said on Monday, citing the national customs department.

The world's second-largest producer and exporter of palm oil calculated a reference price of 2,460.89 ringgit per tonne.

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The export tax structure starts at 3% for crude palm oil when priced in a 2,250-2,400 ringgit-per-tonne range. The maximum tax rate is set at 8% when prices are above 3,450 ringgit a tonne.