Reference prices for calculating export duties on grain to be increased by 1,000 rubles per tonne - Deputy PM
SIRIUS. May 31 (Interfax) - Reference prices for calculating export duties on grain will be increased by 1,000 rubles for each grain crop, Deputy Prime Minister Dmitry Patrushev said at the All-Russia Grain forum on Friday.
"This week, the government sub-commission on customs, tariff and non-tariff regulation has decided to make another adjustment to the calculation of duties. The reference export prices used in the calculation will be increased by a thousand rubles for all types of grain," he said.
This is the solution that plant growers have been waiting for, he said. "In essence, more money will be kept by those who produce the grain, and the state will withdraw less money from the budget. We thought a decision like this at the beginning of the new season would be correct," he said.
Patrushev said that prices on world markets are gradually normalizing. They have started to recover inside the country as well. "Now the CPT Novorossiysk price is about 18,500 rubles per tonne. Remember - Literally in March it was below 13,000 rubles," he said.
The base price for calculating the export duty for wheat is now 17,000 rubles per tonne, while it is 15,875 rubles for barley and corn. These prices are valid as of June 2023. Before this, they were 15,000 rubles for wheat and 13,875 rubles for barley and corn.
Russia introduced a grain damper mechanism on June 2, 2021, which provides for floating duties on the export of wheat, corn and barley and the return of funds received from them to subsidize agricultural producers. The duties are calculated weekly from indicators based on the prices of export contracts registered on the MOEX. Duty rates were calculated in dollars at first, and as of July 2022, are determined in rubles. The duty is 70% of the difference between base and indicative prices.