M'sia supports palm oil with extension of tax-free exports

Kuala Lumpur

MALAYSIA'S extension of tax-free exports of crude palm oil until the year-end is intended to support prices and curb the build-up of reserves, said Plantation Industries and Commodities Minister Douglas Uggah Embas.

"We hope this will continue to prevent any drastic fall in the price," Mr Uggah said in an interview after the government announced the decision on Friday. "There is a need to give time for the exporters to organise the whole machinery including shipping and so on . . . Now, we're giving them an additional two months."