Russia to Revise Oil Export Duty

01.09.2008 (11:18)

Russia's oil export duty will be set at $485.8 per tonne effective as of October 1, 2008, deputy head of the Finance Ministry's customs payments department Alexander Sakovich told journalists today.

This figure is $10.1 lower than the previous oil export duty. Sakovich pointed out that the average oil price was $124.243 per barrel during the monitoring period (July-August 2008). The duty on light and heavy oil products could be set at $339.7 per tonne and $186.6 per tonne, respectively.

The export duty on oil currently amounts to $495.9 per tonne, whereas the duty on light oil products has been set at $346.4 per tonne, and $186.6 per tonne on heavy oil products, RBC reports.

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