KUALA LUMPUR: Malaysia, the world’s second-largest palm oil producer after Indonesia, will raise its crude palm export tax to 7.5% in February, up from 7% in January, according to a circular on the Malaysian Palm Oil Board website on Monday.
The Southeast Asian nation calculated a palm oil reference price of RM3,279.76 (US$734.71) per tonne for February. A price above RM2,250 incurs a tax, which starts from 4.5% and can reach a maximum of 8.5%.
Malaysia raised the January tax to 7% last month, up from 6% in December.
