The limiting duty on crude oil export will probably sink to between $304 and $309 per a ton starting from December 1, 2008 in Russia.
Photo: Alexander Chizhenok
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Russia to Trim Crude Export Duty to $304-$309
The limiting duty on crude oil export will probably sink to between $304 and $309 per a ton starting from December 1, 2008 vs. the current rate of $372.2 per a ton, RIA Novosti reported Monday with reference to Alexander Sakovich, deputy chief of the customs payment department at the RF Finance Ministry.
“If the Urals price averages $55 to $65 per a barrel in remaining five trading days, we will have the monitoring price of $82.87 to $83.98 per a barrel and reach the limiting duty of $304 to $309 per a ton,” Sakovich specified, pointing out that the duty equals $372.2 per a ton starting from October 1.
“With regard to the powerful pressure of oil producers and the precedent of October 1, the duty could be fixed even below the limiting level,” the official added.
Under the RF laws, the government revises duties on oil/petroleum export each two months, calculating them under a special formula and based on the two-month monitoring of worldwide prices for Russia’s Urals. The limiting duty is first calculated and then fixed based on the average price of the monitoring.
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