MOSCOW, January 1. /TASS/. Tariff rates for oil transportation services over trunk pipelines by top Russian oil pipeline operator Transneft will rise by 7.2% effective today, January 1, 2024.

The Russian Federal Antimonopoly Service (FAS) approved the relevant tariff adjustment earlier. Tariffs rose by 5.994% in 2023.

The network tariff for oil pumping over the East Siberia-Pacific Ocean pipeline to China and via the port of Kozmino is being increased to 3,372.98 rubles ($36.74) per metric ton (VAT excluded). The tariff for the Zapolyarye-Purpe oil pipeline is rising to 547.09 rubles ($6.00) per metric ton net of VAT. The network tariff for transportation over the Kuyumba-Taishet trunk oil pipeline will now be 869.72 rubles ($9.48) per metric ton, VAT excluded.

The hike in tariff rates is necessary for funding Transneft’s operating expenses and due to the implementation of investment programs and upgrades of main oil pipelines, the FAS press service told TASS earlier.

In fall 2020, the Russian government approved annual increases in Transneft’s tariffs for a decade under the principle of inflation minus 0.1%.