12 May 2010 11:29

Russia could raise oil export duty $10 to $294 per tonne on June 1

MOSCOW. May 12 (Interfax) - Russia could raise the export duty on crude oil to $291-$294 per tonne on June 1 from $284 per tonne currently, Alexander Sakovich, the Finance Ministry official in charge of customs payments, told Interfax.

Russian crude prices averaged $81.14 per barrel in the period April 15-May 11, Sakovich said.

"If the price remains in the range $75-$78 per barrel in the remaining three days of the monitoring period, the final average for the period will be $80.26-$80.69 per barrel," he said.

That price corresponds to an export duty of $291-$294 per tonne, based on the formula for calculating the oil export duty (contained in point 4, article 3 of the law on customs tariffs).

The duty on light petroleum products might rise to $208-$210 a tonne from $203.7 currently and the duty on heavy products to $112-$113 a tonne from $109.7, he said.

The government monitors average crude prices on European markets between the 15th day of one month and the 14th day of the next for the purposes of calculating the export duties on crude oil and petroleum products effective from the first day of the following month.