KUALA LUMPUR: Malaysia will extend duty-free exports of crude palm oil (CPO) until April 30 to help clear high stocks in the country.
In a statement today, Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong announced that the government was extending exports of duty-free CPO from tomorrow (April 7) until the end of the month.
"We hope, by allowing duty-free CPO exports, for the immediate term, there would be remunerative returns for all stakeholders throughout the palm oil value chain," Mah said.
He said the ministry will continue to monitor exports and stocks to ensure the whole palm oil value chain remains competitive.
Mah, however, cautioned that the CPO exports duty-free status would revert to being taxed within this month, if CPO stocks settles to or dips below 1.6 million tonnes.
At press time, the third month benchmark palm oil futures on the Bursa Malaysia Derivatives Exchange added RM32 to close at RM2,504 per tonne.