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Malaysia has kept its export tax on crude palm oil for May unchanged at 10%, while lowering the reference price, according to a posting on the Malaysian Palm Oil Board's website published on Tuesday.
The reference price for May was set at 4,449.35 ringgit (US$1,008.47) per tonne, down from a reference price of 4,547.79 ringgit per tonne in April.
The export tax structure starts at 3% when crude palm oil prices range between 2,250 and 2,400 ringgit per tonne, rising to a maximum of 10% when prices exceed 4,050 ringgit per tonne.
Source: Reuters