Export duties on oil and petroleum products in Russia will be reset to zero on January 1, 2024 - Ministry of Finance

MOSCOW. Dec 15 (Interfax) - The export duty on oil in Russia will decrease from January 1, 2024 from the current $24.7 per tonne to zero, the Ministry of Finance said.

Duties on light and dark petroleum products and oils will also drop to zero. Duties on the export of commercial gasoline, straight-run (naphtha) and coke will also go to zero.

The zeroing of export customs duties on oil and petroleum products starting in 2024 was planned as part of the completion of a tax maneuver.

The duty on liquefied gas (LPG) will be $1.6, and the duty on pure LPG fractions will be $1.4.

The average price for Urals oil for the monitoring period from November 15 to December 14, 2023 was $66.12 per barrel, or $482.7 per tonne. The North Sea Dated oil price for this period was $78.89.