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Wed 20 May 2009, 08:04 GMT

Russia to raise fuel oil export tax


Fuel oil export duty is set to increase by 15 percent from next month.

Russia's Finance Ministry has revealed that the country's export duty on fuel oil is set to jump by 15 percent from next month.

Starting June 1st, export tax on heavy products including fuel oil is expected to be increased from $56.6 to $65.1 per tonne.

Duties on exports of light refined products, such as gasoline and gasoil, will rise to $115.2 from the current $105.1 per tonne.

Meanwhile, export tax on crude oil is set to rise by 11 percent from current levels of $137.70 to $152.8 per tonne.

Russia's crude export tax is revised on a two-monthly basis and based on the previous two-month average price for Urals, the country's benchmark export blend.

Alexander Sakovich, deputy head of the Finance Ministry's customs payment department, said the duty would be increased because the Urals blend has risen to an average of $51.05 per barrel.

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