Russia to raise oil export duty to $222/tonne on Aug 1

The export duty on Russian crude oil will rise to $222 a tonne on August 1, a Finance Ministry official said according to Interfax.

The  new  duty is based on an average price of $65.65142 per barrel of Russian  crude  for  the  period June 15-July 14 inclusive, Alexander Sakovich, the ministry's deputy head of customs payments, told Interfax.

The formula the government uses sets the maximum duty effective August 1 at $222.09099 a tonne, which has been rounded to $222.

The duty has been $212.6 since July 1.

The  export duty on light petroleum products will be $161.9 a tonne and that  on  heavy products - $87.2 a tonne on August 1, Sakovich said. These duties have been $155.5 and $83.8 respectively since July 1.

The  government  sets the crude oil and product export duties based on one-month monitoring  of  the  price  of  Russian  crude on European markets.

 

 

Source: Port News