Area
Malaysia
Commodity Group
Oilseeds, oils and meals
Commodity
Palm oil
Date
01/02/2021
Policy Category
Production
Policy Instrument
Sector development measures
Description
Linked to the firmness in palm oil prices, raised the cess collected on palm oil products by the Malaysian Palm Oil Board. Reportedly, the additional proceeds would be used to support the establishment of a consortium charged to conduct research on mechanization and automation in the oil-palm sector.
Notes
MALAYSIA palm oil production cess: Based on the recent firmness in palm oil prices, the Government decided to raise the cess collected on palm oil products by the Malaysian Palm Oil Board (MPOB) from MYR 14 per tonne to MYR 16 (USD 3.42 and 3.90 respectively), effective 1 March 2021. The cess was last raised in 2019. According to industry estimates, with the new cess rate, the countrys palm oil growers will contribute about MYR 344 million per year (USD 83.9 million) to the MPOB. Reportedly, the proceeds from the additional cess collection will be used to support the establishment of a consortium charged to conduct research on mechanization and automation in the oil palm sector.
