Russian oil export duty to rise from June 1

09:55, May 18, 2010      

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Russian oil export duty will rise from the current 284 to 292.1 U.S. dollars per ton starting June 1, the Russian Ministry of Finance said on Monday.

The export duties on light oil products will be raised from 203.7 to 209.1 dollars per ton, and that of dark oil products from 109.7 to 112.7 dollars per ton, said the ministry.

The exception will likely be made for oil extracted from the well-sites located in Eastern Siberia. Local producers would keep selling their oil duty-free, a source from the ministry told RIA Novosti news agency.

The Russian government has set duties for oil and oil products monthly since December 2008, in order to respond swiftly to fluctuations in world oil prices. Previously the duties were adjusted every two months.

Source: Xinhua
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