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Petronas sets May crude price factor at $5.40/bbl

(For OSP list, click)

SINGAPORE, April 24 (Reuters) -

* State oil firm Petronas has set the price factor for Malaysian Crude Oil (MCO) for May at $5.40 per barrel, down 10 cents from the previous month, the company said on Wednesday

* The monthly price factor is added to the average of Platts' dated Brent prices published in the month to derive the Malaysian crude official selling price (OSP)

* Petronas changed its OSP mechanism effective January 2017, basing its benchmark price on a basket of four Malaysian crude grades - Labuan, Miri Light, Kikeh and Kimanis (Reporting by Florence Tan; Editing by Rashmi Aich)