Russia cuts oil export duty by $11 to $376 per tonne from May 1

Russia has established the oil export duty at $376.1 per tonne starting from May 1, which is $10.9 (2.8%) less than in April 2014. Expert of the Russian Finance Ministry’s Department for Customs and Tax Policy Alexander Sakovich said this on Thursday.

Besides, the preferential export duty for oil produced at several oil fields is set at $182.4 per tonne from May 1, 2014 as compared to the export duty of $190.8 per tonne effective in the preceding month, the Finance Ministry’s expert said.The expert specified that the average oil price was at about $105.55476 per barrel (or $770.5 per tonne) between March 15 and April 14, 2014, which means that in compliance with the effective oil price formula, the indicator should equal to $376.1 per tonne.

In addition, preferential export duty for high-viscosity oil amounts to $37.6 per tonne starting from May 1, as against the April level of $38.7 per tonne, Sakovich said.

Starting from May 1, 2014, Russia’s export duties for petroleum products are established at $248.2 per tonne from $255.4 per tonne in April. Besides, gasoline export duties are cut to $338.4 per tonne from $348.3 per tonne as it was in April, the expert said. Moreover, the export duty on liquefied natural gas is set at $88.3 per tonne, as compared to the previous month’s level of $129.1 per tonne.