Russia to Lower Oil Export Duty 6pct in June on Urals Decline

[2012-05-28 09:39:28]


Russia, the world biggest oil producer will reduce its export duty on most crude shipments by 6.4% from June 1 after Urals prices dropped.

According to an order signed by Prime Minister Mr Dmitry Medvedev the standard duty will fall to USD 419.80 per ton or USD 57.27 a barrel, from USD 448.60 per ton this month. The discounted rate on some Eastern Siberian and Caspian Sea oil will drop to USD 210.80 a ton compared with USD 232.40.

Mr Alexander Sakovich a Finance Ministry adviser said 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, Russia benchmark export blend averaged USD 114.18 a barrel during the most recent period. In the previous monitoring period, the crude price averaged USD 120.76.

The government lowered the crude tax rate in October, applying a coefficient of 60% down from 65% and unifying the duty on most refined products at 66% of that. The duty for middle distillates and heavy products will fall to USD 277 a ton next month from USD 296 a ton in May.
Source: Bloomberg
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