Malaysia is considering cutting its export tax on palm oil and plans to slow implementation of its biodiesel mandate to help meet global demand amid an edible oil shortage, its commodities minister told Reuters on Tuesday.
Plantation Industries and Commodities Minister Zuraida Kamaruddin said in an interview her ministry has already proposed the cut to the finance ministry, which has set up a committee to look into the details.
Malaysia, the world's second-largest palm oil producer, could cut the tax to 4%-6% from the current 8%, she said.
The cut would likely be temporary and a decision could be made as early as June, Zuraida said.
Source : economictimes.indiatimes.com