Russia to raise oil export duty to $398.1 per ton from June

Russia will raise oil export duty to a record $398.1 per metric ton from June 1, 2008, a senior Finance Ministry official said on Sunday.

“The average

[crude] price was $102.8 per barrel for the March-April monitoring period, which puts the maximum duty rate at $398.1 per metric ton. Therefore we will reach a record export duty on Russian oil that will be fixed at $398.1 per metric ton from June 1,” said Alexander Sakovich, deputy head of the ministry’s customs payment department.
He said export duties on light oil products would rise to $280.5 per metric ton from June 1, 2008, from the current $241.4 per metric ton, and duty on heavy petroleum products would grow to $151.1 per metric ton from $130.1.

The Finance Ministry earlier predicted that oil export duty would go up to $395-400 per metric ton.

Tehran Times