Russian oil export duty to rise in November

18:50, October 12, 2010      

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Russia's oil export duty may rise in November by 22.5-25.5 U.S. dollars per ton, to 289-292 dollars, the Finance Ministry said Tuesday.

In October, the monthly-adjusted export duty stood at 266.5 dollars per ton.

According to Alexander Sakovich, an official in charge of customs adjustments, the average price of Russian oil was 79.7 dollars per barrel between Sept. 15 and Oct. 10.

Export duties for oil from Eastern Siberian deposits would amount to nearly 100 dollars per ton, up from the current 82.1 dollars, he said.

Duties for light oil products would be around 208 dollars, compared with the present 191.8 dollars and those for dark oil products are expected to be around 112 dollars per ton, up from 103.3 dollars, he added.

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

Source: Xinhua


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