Russia's export duty on oil to rise by $1.8 to $16.2 per tonne as of June 1 - Finance Ministry

MOSCOW. May 15 (Interfax) - Russia's export duty on oil will rise by $1.8 from $14.4 per tonne to $16.2 per tonne beginning on June 1, 2023, according to the Finance Ministry's calculations published on Monday.

Prior to this, the duty increased $0.1 for two consecutive months, and it has risen $1.4 since March 1. The duty declined for the first two months of the year, including a sharp drop of 61.5% as of January.

The average price for Urals oil for the monitoring period from April 15 to May 14 was $55.97 per barrel, or $408.6 per tonne, and the price for North Sea Dated (Brent) oil for the period was $79.87, thus the Urals discount to Brent was around 29.9%. The discount was about 30.9% in April, about 39.5% in March, and 41% in February and January.