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Malaysia raises June crude palm oil export duty to 5.5%

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Malaysia, the world's second-largest palm oil producer after Indonesia, will raise its crude palm oil export tax to 5.5 per cent in June from 5 percent in May, a circular on the Malaysian Palm Oil Board website showed on Tuesday.

[KUALA LUMPUR] Malaysia, the world's second-largest palm oil producer after Indonesia, will raise its crude palm oil export tax to 5.5 per cent in June from 5 percent in May, a circular on the Malaysian Palm Oil Board website showed on Tuesday.

The Southeast Asian nation calculated a reference price of 2,625.18 ringgit per tonne for June. A price above 2,250 ringgit incurs a tax, which starts from 4.5 per cent and can reach a maximum of 8.5 per cent.

Malaysia last raised its tax on crude palm oil exports to 5 per cent in March for April supply, ending a duty free policy held since May 2015.

REUTERS