Malaysia sets palm oil reference price at 4,471.39 Malaysian ringgit for December

19-Nov-2024 12:06 PM

Malaysia sets palm oil reference price at 4,471.39 Malaysian ringgit for December
Malaysia has announced the reference price for palm oil for December 2024 at 4,471.39 Malaysian ringgit per tonne, a rise from 3,949.73 ringgit in November. As a result of this increase, the export tax on crude palm oil (CPO) will be set at 10%, effective from December 1. This means the export tax will be 447.139 ringgit (approximately $100.14 per tonne), up from 375.224 ringgit (around $86.26 per tonne) in November.

The reference price is a key indicator used by the Malaysian government to calculate the export tax, which varies depending on the market price of palm oil. This adjustment reflects changes in global palm oil prices and aims to regulate the trade of the commodity, which is a significant export for Malaysia.