Russia's export duty on sunflower oil to remain zero in February, sunflower meal to rise 5.9% - Agriculture Ministry

MOSCOW. Feb 1 (Interfax) - The duty on exporting sunflower oil from Russia will remain zero in February, as in the eight previous months, the Agriculture Ministry said in a statement.

The duty on exporting sunflower meal will rise 5.9% month-on-month to 4,321.3 rubles per tonne in February from 4,078.8 rubles per tonne in January.

The duties are based on indicative prices of $794.30 per tonne for sunflower oil versus $772.10 per tonne the previous month, and $249.70 per tonne for sunflower meal against $239.90 per tonne.

The baseline price for calculating the duty on sunflower meal has increased by 2,000 rubles to 15,875 rubles per tonne as of September 1, 2023, while the duty on sunflower oil has remained 82,500 rubles per tonne.

Duties have been calculated in rubles since July 2022 rather than in dollars as previously. The duty on sunflower oil is 70% of the difference between the baseline price of 82,500 rubles per tonne and the indicative price, which is the average market price for the month. The export duty for sunflower meal is calculated using a formula that is the difference between the indicative price and the baseline price of 15,875 rubles per tonne, multiplied by an adjustment factor of 0.7.