Russia to increase oil duties in March

18:53, February 10, 2011      

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Russian is scheduled to increase the crude oil export duty to 363-364 U.S. dollars per ton starting March 1, local media reported on Thursday.

Currently the oil duty is 346.6 dollars per ton, which meant the duty will rise by 5 percent.

According to Russia's Finance Ministry, Urals crude oil prices averaged at 95.25 dollars per barrel in Jan. 15 to Feb. 9.

If crude oil trades at 96-98 dollars per barrel in the next three days, then the maximum duty on that basis will be 364 dollars per ton, the Ministry said.

The discounted export duty on East Siberian oil and Caspian oil could rise in March to 150 dollars from current 137.6 dollars per ton.

The ministry said the duty on light petroleum products might rise to 244 dollars from current 232.2 dollars per ton, and the duty on oil dark products to rise from 161.8 dollars to 170 dollars per ton.

Source: Xinhua
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