Malaysia has maintained its January export tax for crude palm oil at 10% and raised its reference price, a circular on the Malaysian Palm Oil Board website showed on Tuesday.
The world’s second largest palm exporter calculated a reference price of 5,001.72 ringgit ($1,120.96) per metric ton for January.
The December reference price was 4,471.39 ringgit.
The export tax structure starts at 3% for crude palm oil in a range of 2,250-to-2,400 ringgit per ton.
The maximum tax rate is set at 10% when prices exceed 4,050 ringgit a ton.