Export duty on oil to fall to $393.7/tonne in Russia on Feb 1
MOSCOW. Feb 1 (Interfax) - The export duty for oil in Russia will fall by $3.8 to $393.7 per tonne on February 1.
Prime Minister Vladimir Putin signed a decree on the new duty on January 25. The Rossiiskaya Gazeta newspaper published the decree on January 30.
The current export duty on oil is $397.5 per tonne.
The average monitoring price from December 15 to January 14 was $108.22711 per barrel. Therefore, the Russian government is likely to establish the duty at $393.7 per tonne, based on a coefficient of 0.6.
If the coefficient had been kept at 0.65, the marginal duty rate would have been $424.1 per tonne starting on February 1.
The discounted export duty will be set at $191.2 per tonne. As of January 1, it was $194.1 per tonne.
The duty for light and dark petroleum products, which was unified at 66% of the oil duty on October 1, 2011, will be $259.8 per tonne starting on February 1. As of January 1, it was $262.3 per tonne.
The export duty for gasoline, calculated on a coefficient of 0.90, will be $354.3 per tonne starting on February 1. As of January 1, it was $357.7 per tonne.
The duty for liquefied gas will be $181.7 per tonne starting on February 1 ($201 per tonne as of January 1).
The Russian government approved a new scheme for calculating export duties for oil products effective October 1. According to it, the upper coefficient used in calculating oil duties was lowered to from 65% to 60%. Per this scheme, the export duty on dark oil products was increased from 47% to 66% of the duty on oil. The diesel fuel duty remained at 66% of that on oil, but the duties on all kinds of gasoline are 90%.