Russian government to increase oil export duty from June 1

May 06, 2004 02:00 AM

The Russian government is to increase the export duty on crude oil to $ 41.5-$ 41.6 per ton from June 1, Alexander Sakovich, director of the revenue and customs tariff policy department at the Russian Finance Ministry, told.
The export duty was increased from $ 33.9 to $ 35.2 pt from April 1.

Sakovich said that the export duty on oil is reviewed once every two months based on monitoring of prices for Urals oil on the world markets. According to preliminary information from monitoring in March-April, the average price for Russian oil will be $ 30.5 per barrel, compared with $ 28.3225 in January-February.
"The price will be very close to $ 30.5 per barrel, as regards the duty -- the rate will more than likely amount to $ 41.5-$ 41.6 per ton from June 1," Sakovich said. Consequently, the duty on oil products will amount to $ 37.3-$ 37.4 per ton, as it is calculated as 90 % of the oil duty, he said.

Sakovich said that the disbanding of the government commission for trade protection and customs tariff policy, which previously confirmed changed in the oil export duty, will not affect the decision to increase the duty from June 1.
"There will be no glitches," he said.
Sakovich said that under the new system, the decision to increase the duty will be endorsed by the heads of the Finance Ministry, the Economic Development and Trade Ministry, the State Customs Committee, and the Industry and Energy Ministry, after which it will be submitted to the government, which will issue the corresponding resolution.

He also said that if the new export duty scale, recently approved by parliament, was in place now -- the duty would amount to $ 55.3 pre ton from June 1.
The new scale should come into effect from August 1 this year.

Source: PetroEnergy Information Network
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