Russia to Raise Oil Export Duty on April 1

Russia will raise its oil export duty from 365 dollars to 423.7 dollars per tonne as of April 1, 2011.

Prime Minister Vladimir Putin signed the relevant decree.

The export duty from twenty-two fields in Eastern Siberia and two Northern Caspian fields will grow from 150.4 dollars per tonne to 191 dollars per tonne.

The export duty on light petroleum products will increase from 244.6 dollars to 283.9 dollars per tonne and on dark petroleum products – from 170.4 dollars to 197.9 dollars.

According to the Russian Finance Ministry, the average oil price in the period from February 15 through March 14 comprised 108.16 dollars per barrel.