Russia's export duty on sunflower oil rises to $372.20/tonne as of May 1 from $313/tonne in April - Agriculture Ministry

MOSCOW. May 4 (Interfax) - The Russian government has increased the export duty on sunflower oil to $372.20 per tonne as of May 1 from $313 per tonne in April, the Agriculture Ministry said in a statement.

The export duty was $260.10 per tonne in March, $251.40 in February, and $280.80 per tonne in January 2022; and $276.70 per tonne in December 2021, $194.50 per tonne in November, $227.20 per tonne in October, and $169.90 per tonne in September.

The new duty has been calculated based on an indicative price of $1,531.80 per tonne in May against $1,447 in April, $1,371 per tonne in March, $1,359.20 per tonne in February, $1,401.20 per tonne in January, $1,395.40 per tonne in December, $1,277.90 per tonne in November, $1,324.70 per tonne in October, and $1,242.80 per tonne in September.

The Russian government introduced a floating duty on exports of sunflower oil as of September 1, 2021, at 70% of the difference between the base price of $1,000 per tonne and the indicative price of the average of monthly market prices, and then reduced by the value of the correction ratio of $50 per 1 tonne.

The "sunflower damper" mechanism is valid until August 31, 2022.

The National Mercantile Exchange (NAMEX), part of the Moscow Exchange Group, has been calculating two new price indicators daily since April 15, 2022: the OTC export indices of sunflower oil and sunflower meal, which are used to calculate export duties on sunflower oil and meal. Daily data on sunflower oil published by JSC Refinitiv SA in dollars per tonne were the previous source of information used to set the indicative prices for calculating the duty.