The Malaysian Palm Oil Board (MPOB) announced on Tuesday that the export tax rate for Malaysian crude palm oil in February 2024 will remain unchanged at 8%, while raising the reference price for palm oil used to calculate tariffs.

The reference price for palm oil in February is set at 3,571.39 ringgit/ton (equivalent to USD 755.53), which is lower than the reference price of 3,679.50 ringgit/ton in January (equivalent to USD 791.63 at the exchange rate of 4.648 at that time).

This means that the palm oil export tax in February was 285.71 ringgit/ton, equivalent to 60.44 dollars/ton. As a comparison, the palm oil export tax in January was 294.36 ringgit/ton, equivalent to 63.33 dollars/ton.

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