KUALA LUMPUR: Malaysia has reduced its export duty on crude palm oil to 4.5% for May from 5% in April, the Malaysian Palm Oil Board said on Monday, citing the national customs department.

The world’s second-largest producer and exporter of palm oil calculated a reference price of 2,460.89 ringgit per tonne.

The export tax structure starts at 3% for crude palm oil when priced in a 2,250-2,400 ringgit-per-tonne range. The maximum tax rate is set at 8% when prices are above 3,450 ringgit a tonne. -Reuters