The Edge Markets (11/07/2018) - KUALA LUMPUR (July 11): Malaysia lowered its export tax on crude palm oil for August to 4.5%, the Malaysian Palm Oil Board said on Wednesday, citing the national customs department.

The export tax in July was 5%.

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

The Southeast Asian nation calculated a palm oil reference price of RM2,284.26 (US$567.52) per tonne for August. Any price above RM2,250 incurs a tax.

Malaysian benchmark palm oil futures hit at a two-year low on Wednesday afternoon. It was last down 1.6% at RM2,223.

(US$1 = RM4.0250)

Read more at http://www.theedgemarkets.com/article/malaysia-lowers-august-crude-palm-oil-export-tax-45