Russia Lowers Oil Export Tariff

The Russian government said it had lowered its oil export tariff from the current 270.7 U.S. dollars per ton to 253.6 dollars, starting March 1.

According to a statement published on the government website late Tuesday, export duty on light oil products had been lowered from 194.7 dollars to 183.2 dollars per ton. The heavy oil tariff was cut from 104.9 dollars per ton to 98.7 dollars.

The Russian government adopted monthly adjustments on duties for oil and oil products in December 2008 to respond more swiftly to price fluctuations in the world market, replacing the previous two-monthly adjustments.