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Russia to raise oil export duties by $10 from August 1, 2013

July 15, 2013, 15:58 UTC+3
The oil export duty should be established at $379.8 per tonne
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Photo EPA/ITAR-TASS

Photo EPA/ITAR-TASS

MOSCOW, July 15 (Itar-Tass) — Russia will raise the oil export duties to 379.8 U.S. dollars per tonne starting from August 1, which is 10.6 U.S. dollars more than in July, when the indicator amounted to 369.2 U.S. dollars per tonne, expert of the Russian Finance Ministry Alexander Sakovich told reporters on Monday.

In his words, an average oil price was at about 105.05375 U.S. dollars per barrel (or 766.9 U.S. dollars per tonne) in the period of monitoring from June 15 through to July 14, 2013. With this in mind, proceeding from the effective oil pricing formula, the oil export duty should be established at 379.8 U.S. dollars per tonne, Sakovich said.

Besides, the preferential export duty for oil produced by several oil fields will be established at 180.8 U.S. dollars per tonne starting from August 1, 2013, as compared to the export duty of 172.9 U.S. dollars per tonne effective in the current month, the Finance Ministry’s expert said.

In addition, the preferential export duty for high-viscosity oil - the export duty will amount to 37.9 U.S. dollars per tonne starting from August 1, as against the current level of 36.9 U.S. dollars per tonne, Sakovich said.

Starting from August 2013, the country’s export duties for petroleum products will be increased to 250.6 U.S. dollars per tonne from the current level of 243.6 U.S. dollars per tonne, he said.

As well, the gasoline export duty will rise to 341.8 U.S. dollars per tonne, as compared to the level of 332.2 U.S. dollars per tonne as it was established for July 2013, the expert said.

Moreover, the export duty for liquefied natural gas should be set at 40.5 U.S. dollars per tonne, as compared to the current level of 45.2 U.S. dollars per tonne.

According to earlier reports, in August 2011 the Russian prime minister signed a decree, which imposed the new “60-66” taxation regime in the petroleum industry as of October 1, 2011.

The new regime envisages a decline of oil export duties by about seven percent with simultaneous change of its calculation formula. Therefore, it will take into account 60 percent, instead of the previous level of 65 percent, of the margin between the monitoring price and the oil price.

Under the document, export duties for light and heavy petroleum products will be unified at the level of 66 percent of the country’s oil export duty. However, the decree maintains higher duties for the gasoline export - at 90 percent of the oil export duty.

The document envisages that export duties for heavy petroleum products will be increased to the level of crude export duty starting from 2015. It is expected that 0.9 coefficient of the export customs duty for crude oil will be effective for straight-run gasoline and commercial gasoline Starting from January 1, 2015 too.

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