Russia raises export duty on oil

Duty on Russian oil exports today has increased by $1.5 to $8.3 per ton with $6.8 per ton, in force in may 2020.

in addition, as previously indicated, the Ministry of Finance of the Russian Federation, the duty on light oil products and oil raised from $2 to $2.4 per tonne, on dark — from $6.8 to $8.3 per tonne. While export customs duties on commercial gasoline increased to $2.4 per ton.

Recall also that even in 2019 in Russia launched the final stage of the so-called tax maneuver in the oil industry. Will be gradually reduced (down to zero), the export duty on oil and increase tax on mineral extraction (met).

will Add that, according to Ministry of Finance estimates, the average price of Russian export oil Urals in March 2020 was formed in the amount of $of 29.17 per barrel, that is 2.3 times lower than in March of last year ($65,98 per barrel).

thus for the first quarter of this year, the average price of Urals was $48,18 per barrel. The Ministry clarifies that for the same period in 2019, the average price of Urals oil reached $63,17 per barrel. Thus, yoy it decreased in January—March 23.7%.

Over the past year, the average price of Urals declined by 9.17 to $of 63.59 per barrel.

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