Duty on Russian sunflower oil exports set at zero in January, will increase 23.1% for meal - Agriculture Ministry

MOSCOW. Jan 9 (Interfax) - The export duty on Russian sunflower oil in January, as for the seven previous months, will be set at zero, while the duty on sunflower meal will increase 23.1% to 4.078.8 rubles from 3,312.7 rubles per tonne in December.

The Ministry of Agriculture presented the duty calculations.

The indicative prices on whose basis the duties are calculated were $772.1 per tonne ($783.9 a month ago) for oil, and $239.9 ($232.8) for meal.

The base price for calculating the duty on meal was increased 2,000 rubles on September 1, 2023 to 15,875 rubles per tonne, while it has not changed for oil, remaining at 82,500 rubles per tonne.

The duties on oil and meal have been set in rubles since July 2022. The duty on sunflower oil is 70% of the difference between the base price (82,500 rubles per tonne) and the indicative price (the arithmetic average of market prices for the month). The export duty on sunflower meal is calculated using as its formula the difference between the indicative price (the arithmetic average of market prices for the month) and the base price (15,875 rubles per tonne), multiplied by an adjustment factor of 0.7.