Export duty on Russian oil to rise by $2.30 to $26.20/tonne as of Nov 1 - Finance Ministry

MOSCOW. Oct 16 (Interfax) - The export duty on Russian oil is set to rise by $2.30 from $23.90 per tonne to $26.20 per tonne as of November 1, 2023, according to the Finance Ministry's calculations.

The export duty increased by $2.50 this month, by $4.50 in September, and by $1.30 in August after having decreased by $0.60 in July. The export duty rose by $1.80 in June, by $0.10 in May and April, and by $1.40 in March. The export duty dropped immediately by 61.5% as on January 1, and decreased in February.

Urals oil averaged $83.35 per barrel, or $608.40 per tonne, from September 15 to October 14; and North Sea Dated Oil Price, Brent, averaged $93.43 per barrel in the monitoring period, implying that the Urals discount to Brent dropped to about 10.8% from 13.1% the previous month.

The export duty on light petroleum products and oils is set to increase to $7.80 per tonne from $7.10 per tonne in November, and the export duty on heavy petroleum products and oils is set to rise to $26.20 per tonne from $23.90 per tonne.

The export duty on commercial gasoline is set to increase to $7.80 per tonne from $7.10 per tonne, and straight-run gasoline, naphtha, is set to rise to $14.40 per tonne from $13.10 per tonne.

The export duty on liquefied gas will be $2.20 per tonne, and the export duty on clear fractions of liquefied petroleum gas (LPG) will be $1.90, compared to zero export duty, respectively.

The duty on coke is set to increase to $1.70 per tonne from $1.50 per tonne.

The Russian government has based its 2023 budget on the forecast of $70.10 per barrel for Urals.