Russia May Extend High Gasoline Export Duty to June

Russia is likely to extend to June the raised gasoline export duty, which went up 44 percent to $408.30 per ton in May to fight local shortages, Economic Development Minister Elvira Nabiullina said on May 12, 2011.

"There is a probability of extending it," Nabiullina told reporters, adding that the ministry would analyze the fuel market to make a final decision.

The government boosted the gasoline export tariff to a nearly prohibitive 44 percent from May 1 to fight local shortages which started in mid-April in some regions. Russian oil companies prefer to sell gasoline abroad where prices are higher than in Russia, where the state has capped prices.