KUALA LUMPUR: Malaysia, the world’s second-largest palm oil producer after Indonesia, will increase its crude palm oil export tax to 6.5% in November, up from 6.0% the previous month, according to a government circular on Thursday. The Southeast Asian nation calculated a palm oil reference price of RM2,872.58 (US$681.59) per tonne for November. A price above RM2,250 incurs a tax.
Malaysia had increased the tax to 6% in October from September. Palm oil benchmark prices were up 0.7% at RM2,715 at Thursday’s midday break.
