KUALA LUMPUR (May 16): Malaysia has maintained its June 2024 export tax for crude palm oil at 8% and lowered its reference price, a circular on the Malaysian Palm Oil Board (MPOB) website showed on Thursday.

The world's second largest palm exporter calculated a reference price of RM3,956.06 (US$845.13) per metric tonne for June. May’s reference price was RM4,273.93 a tonne.

The export tax structure starts at 3% for crude palm oil in a RM2,250 to RM2,400 per tonne range. The maximum tax rate is set at 8%, when prices exceed RM3,450 a tonne.