Russia Not to Cut High Export Duties for Gasoline

The Russian government does not plan changes to the export duty on crude oil and products, including high export duties for gasoline and naphtha, Prime news agency reported on Apr. 5, 2012, citing Deputy Prime Minister Igor Sechin.

"I think the current tax regime will be maintained. There is no necessity [to change] it currently," Sechin said late on a trip to the town of Tolyatti in the Volga region.

The 60:66 tax regime, introduced in October 2011, cuts the top marginal tax rate for most crude exports to 60% of the Urals price, from 65% previously, and introduces a single rate for oil products of 66% of the duty for Urals. Previously, the export duty for light and heavy products was 67% and 46.7% of the export duty for Urals, respectively.

In addition, in May 2011 the government introduced export duties for gasoline and naphtha at 90% of that for Urals to limit export of the products and resolve fuel shortages on the domestic market.