The Russian government has recently suggested considering a hike in oil export duties to give a boost to domestic refining and geologic exploration.
Photo: Sergey Semyenov
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Russia to Raise Oil Export Duties to $224/Ton in August
Russia is raising oil export duties to $223.9 per 1 metric ton on August 1, Alexander Sakovich, head of the customs payments department at the Finance Ministry, said Monday.
The new duty has been calculated considering an expected oil price of $66 per 1 barrel, which was forecast after monitoring in May and June, Mr. Sakovich said. Export duties on light oil will stand at $163 per 1 ton and at $88 for dark oil products.
The current oil export duty is $200.6 per 1 ton. The duty on light oils stands at $147 and at $79 for dark oil products.
Russian Prime Minister Mikhail Fradkov has recently suggested a hike in oil export duties to give a boost to domestic refining and geologic exploration.
The prime minister also said oil companies ought to think about providing oil reserves “for hundred million years ahead.” “They [oil firms] may be happy with the present situation, but the country is clearly not,” Mikhail Fradkov said, adding that the government will be willing to help them with this and “give a cue with financial means.”
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