KUALA LUMPUR (Oct 17): Malaysia maintained its export tax on crude palm oil for November at zero percent, according to a circular on the Malaysian Palm Oil Board’s website on Wednesday, citing the national customs department.

The export tax was at zero percent in October.

Malaysia is the world’s second-largest producer of palm oil.

The Southeast Asian nation calculated a palm oil reference price of 2,073.97 ringgit (US$499.51) per tonne for November. Any price above 2,250 ringgit incurs a tax.

Malaysian benchmark palm oil futures were last up 0.3% at 2,250 ringgit a tonne in early trade on Wednesday.

(US$1 = 4.1520 ringgit)

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