30 April 2004 03:55
Govt. to increase oil export duty from June 1
MOSCOW. April 30 (Interfax) - The Russian government is to increase the export duty on crude oil to $41.5-$41.6 per
tonne from June 1, Alexander Sakovich, director of the revenue and customs tariff policy department at the Russian
Finance Ministry, told Interfax.
Sakovich said that the export duty on oil is reviewed once every
two months based on monitoring of prices for Urals oil on the world
The export duty was increased from $33.9 to $35.2 per tonne from April 1.
markets. According to preliminary information from monitoring in March- April, the average price for Russian oil will
be $30.5 per barrel, compared with $28.3225 in January-February.
Sakovich said that under the new system, the decision to increase
the duty will be endorsed by the heads of the Finance Ministry, the
"The price will be very close to $30.5 per barrel, as regards the duty - the rate will more than likely amount
to $41.5-$41.6 per tonne from June 1," Sakovich said.
He also said that if the new export duty scale, recently approved
by parliament, was in place now -the duty would amount to $55.3 pre
Consequently, the duty on oil products will amount to $37.3-$37.4 per tonne, as it is calculated as 90% of the oil
duty, he said.
Sakovich said that the disbanding of the government commission for trade protection and customs tariff policy, which
previously confirmed changed in the oil export duty, will not affect the decision to increase the duty from June 1.
"There will be no glitches," he said.
Economic Development and Trade Ministry, the State Customs Committee, and the Industry and Energy Ministry, after
which it will be submitted to the government, which will issue the corresponding resolution.
tonne from June 1. The new scale should come into effect from August 1 this year. [RU EUROPE ASIA EEU EMRG ENR CRU
OIL TRD] rd <>
[Interfax] |
RUSSIA IN FACTS
