KUALA LUMPUR: The Ministry of Plantation and Commodities is going to look into the issue of windfall profit levy raised by industry players and consult with relevant parties, said Minister Datuk Seri Johari Abdul Ghani.
The newly-appointed minister said that the windfall levy of 3.0 per cent is imposed on palm oil prices above RM3,000 per tonne in Peninsular Malaysia and above 3,500 ringgit per tonne in Sabah and Sarawak, however, industry players have raised their concerns as the cost has increased to almost RM3,000 per tonne.
"The cost used to be between RM1,500 and RM1,800, now it has gone up to RM2,800-RM3,000, and it is even higher in certain areas,” he told reporters after delivering his keynote address at the Palm Oil Economic Review and Outlook Seminar 2024 today.
Given the current elevated cost, certain adjustments are necessary, he said, adding that the ministry will conduct a more thorough examination of the costing.
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