Export duty on Russian crude to reach $406.60/tonne on Dec 1
MOSCOW. Nov 15 (Interfax) - The export duty on Russian crude will grow to $406.60 per tonne starting on December 1, Interfax calculations based on Russian Finance Ministry data indicate.
At the moment, the export duty on oil is $393 per tonne.
Russian crude averaged $111.17 per barrel on October 15-November 14, Finance Ministry expert Alexander Sakovich told Interfax. Therefore, it is most likely that the Russian government will set the duty at $406.60 per tonne, based on a coefficient of 0.60. If the government decided to keep the coefficient at 0.65, the maximum duty rate would be $438 per tonne on December 1.
The discounted export duty will be set at $200.90 per tonne. On November 1 it was $190.70 per tonne.
The duty on light and dark petroleum products was unified at 66% of the duty on crude on October 1, and will be $268.30 a tonne on December 1. It is currently $259.30 a tonne.
The export duty on gasoline, if a coefficient of 0.90 is used, will be $365.90 a tonne in December, compared with $353.70 at present.
The export duty on liquefied gas will be $221.80 a tonne.
The Russian government approved a new formula for calculating export duties for petroleum products, which has been in effect since October 1. According to this plan, the maximum coefficient in calculating duties on oil is reduced from 65% to 60%. In addition, the export duty on dark petroleum products has been increased from 47% to 66% of the oil export duty. The duty for diesel fuel remains at 66% of the oil export duty whereas the duties for all types of gasoline come to 90% of the oil rate.