September 07, 2008

Russia could raise oil export tax to USD 400 per tonne in June

RIA Novosti reported that Russia could increase oil export duty by USD 55 per tonne to USD 59 per tonne and USD 395 per tonne to 400 per tonne.

Mr Alexander Sakovich deputy head of the ministry's customs department of Russia said "The average price was USD 101.77 per barrel in March through April 23. If the price is USD 105 to USD 113 per barrel in the next five trading days, the price for the entire monitoring period will be at a level of USD 102.1 to USD 103.1 per barrel which puts export duty in the range of USD 395 per tonne to USD 400 per tonne."

He said export duties on light oil products could rise to USD 279 per tonne USD 282 per tonne from June 1 against the current USD 241.4, and duty on heavy petroleum products could grow to USD 150 per tonne to USD 152 per tonne up from USD 130.1.

The Russian government adjusts export duty on crude and petroleum products every two months, depending on changes in the Urals blend price on world markets.