Malaysia kept its export duty on crude palm oil for June unchanged at zero percent, according to a circular on the Malaysian Palm Oil Board’s website, citing the national customs department.
The duty has been at zero percent since September.
Malaysia, the world’s second-largest producer of palm oil, calculated a palm oil reference price of 2,018.76 ringgit ($484.2) per tonne for June. Any price above 2,250 ringgit incurs a duty.
The Southeast Asian Nation in May had announced it would defer the imposition of export duties on crude palm oil to Dec. 31 in efforts to boost palm oil exports and expand into new markets.