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

The world’s second-largest palm exporter calculated a reference price of 3,839.63 ringgit ($814.34) per metric ton for July. June’s reference price was 3,956.06 ringgit a ton.

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

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