Russia could raise oil export duty by 15.3 dollars in April

Russia's export duty on its Urals crude could be increased from the current 253.6 U.S. dollars to 268.9 dollars a ton from April 1 in view of oil price hikes, a Finance Ministry official said on Monday.

The average price for Urals crude, Russia's main export earner, was 75.52 dollars per barrel from Feb. 15 to March 14, and therefore oil export duty should jump to 268.9 dollars per ton from April 1, Alexander Sakovich, who is in charge of customs payments, was quoted as saying by the RIA Novosti news agency.

Meanwhile, duty on light petroleum products will rise from the current 183.2 dollars to 193.5 dollars per ton and duty on heavy petroleum products from the current 98.7 dollars to 104.2 dollars per ton.

Sakovich also said that the zero export duty rate on oil produced at 22 fields in eastern Siberia, which was aimed at spurring oil field development, would remain in force in April.

The Russian government adjusts oil export duties monthly to reflect fluctuations in global oil prices.

Source: Xinhua