[KUALA LUMPUR] Malaysia has reduced its export duty on crude palm oil to 4.5 per cent for May from 5 per cent 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 RM2,460.89 per tonne.

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

REUTERS