KUALA LUMPUR: Malaysia has maintained its May export tax for crude palm oil at 8% and raised its reference price, a circular on the Malaysian Palm Oil Board website showed on Monday.

The world’s second-largest palm exporter calculated a reference price of 4,063.58 ringgit per tonne for May.

The April reference price was 4,031.45 ringgit a tonne.

The export tax structure starts at 3% for crude palm oil in a 2,250 to 2,400 ringgit-per-tonne range.

Palm oil may test resistance zone of 3,729-3,740 ringgit

The maximum tax rate is set at 8% when prices exceed 3,450 ringgit a tonne.