Duty on Russian oil export to increase by $8

The export duty on oil in the Russian Federation will be $57.6 per ton from April 1, 2021, according to the website of the Russian Ministry of Finance, Report informs.

In March, it will be $49.6 per ton and, thus, from April 1, it will increase by $8.

The average price for Urals oil for the monitoring period from February 15 to March 14 amounted to $64.34825 per barrel, or $469.7 per ton.

The duty has been growing for several months after falling in May 2020 to its lowest ever values ​​- $6.8 from $52 in April. It increased by $8.3 in June, $37.8 in July, $46.9 in August, $47.5 in September. Since October, it began to gradually decline ($45.4) to $42.2 in November, $42 in December, and $38.7 in January. Growth resumed in February.

The duty on light oil products and oils in April will rise to $17.2 from $14.8 per ton, on dark oil products – to $57.6 from $49.6 per ton. The duty on the export of commercial gasoline will increase to $17.2 from $14.8 per ton, straight-run (naphtha) – to $31.6 from $27.2 per ton. The duty on liquefied gas will be $35.4 per ton, on pure LPG fractions – $28.3 per ton, while the duty on coke will rise to $3.7 from $3.2 per ton.

Since March 1, the duty on oil exports from Russia has increased by $5.8 – to $49.6 per ton. At the same time, the average price for Urals oil for the monitoring period from January 15 to February 14 amounted to $56.996 per barrel, or $416.1 per ton. A month earlier, the price of Urals was $51.7 per barrel.