Russia Raises Crude Oil Duty

[2012-03-26 10:29:06]


Russia will increase its export duty on most crude shipments by 12 percent from April 1, the biggest gain in a year, after Urals prices climbed to the highest level since 2008.

The standard duty will jump to $460.70 a ton, or $62.85 a barrel, from $411.20 a ton in March, according to an order signed on March 23, 2012 by Prime Minister Vladimir Putin. The discounted rate on some eastern Siberian and Caspian Sea oil will rise to $241.50 a ton from $204.40 this month.

The duty for middle distillates and heavy products will rise to $304 a ton from $271.40 in March. A gasoline tax that Putin imposed from May to counter domestic shortages will increase to $414.60 a ton, from $370.10 this month.
Source: Bloomberg
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