Russia May Raise April Crude Export Tax Up to 12% on Urals Gains

Russia, the world's biggest oil producer, may increase its export duty on most crude shipments by as much as 12 percent from April 1 after Urals prices reached its highest level since 2008.

The standard duty may rise to $458.50 to $461.70 a metric ton, or $62.55 to $62.99 a barrel, according to Bloomberg calculations based on Finance Ministry data. That compares with $411.20 a ton in March.

The discounted rate on some Eastern Siberian and Caspian Sea oil may rise in April to within a range of $239.90 to $242.20 a ton, compared with $204.40 this month.

Russia bases the export duties on the average Urals crude price from the 15th day of one month to the 14th of the next. Urals (RUOIEX%), Russia's benchmark export blend, may average $123.03 to $123.745 a barrel during this period, Alexander Sakovich, a Finance Ministry adviser, said by phone Mar 12, 2012. On March 1, Urals exceeded $125 a barrel, the highest since July 2008. In the previous monitoring period, the crude price averaged $112.22, according to the ministry.

Prime Minister Vladimir Putin must sign off on the levies before they take effect. The government lowered the crude tax rate applying a coefficient of 60 percent, down from 65 percent, and unified the duty on most refined products at 66 percent of that levy since October.

The duty for middle distillates and heavy products may grow to within a range from $302.60 to $304.70 a ton next month, from $271.40 in March.

A gasoline tax that Putin imposed from May to counter domestic shortages may be within a range from $412.70 to $415.50 a ton, from $370.10 this month. That is 90 percent of the crude oil duty.