Russia raises oil export duties

Starting from Jan. 1, Russia would raise its oil export duties by 4.5 percent, from the current 303.8 U.S. dollars per ton to 317.5 dollars per ton, said an official from Russian Finance Ministry Wednesday.

Alexander Sakovich told reporters that the average price for Russian oil between Nov. 15 and Dec. 14 had been 85.7757 dollars per barrel.

Duties for light oil products would be up from 217 dollars to 226.2 dollars per ton, and those for dark oil products would reach 121.9 dollars per ton, from the current 116.9 dollars per ton.

Oil from Eastern Siberian deposits would continue to enjoy favorable taxes as its export duties will increase from the current 108 dollars per ton to 117.5 dollars per ton.

The Russian government has set duties for oil and oil products on a monthly basis since December 2008 to respond more quickly to fluctuations in world oil prices. Previously the duties were adjusted every two months.
(Source:xinhua)