The Malaysian Palm Oil Board (MPOB) announced in a statement that it has raised its October crude palm oil reference price, which will maintain the export tariff at 10%.
Malaysia, the world's second-largest palm oil exporter, calculated the October reference price at 4,268.68 ringgit (US$1,015.87) per ton. The September reference price was 4,053.43 ringgit per ton, resulting in a 10% tariff. According to the country's export tariff, a 3% export tax is imposed when the crude palm oil price is between 2,250 and 2,400 ringgit per ton. The maximum 10% tariff applies when the price exceeds 4,050 ringgit per ton.
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