05 May 2004 08:52
OIL EXPORT DUTIES TO GO UP ON JUNE 1
MOSCOW. May 5 (Interfax) - Russia will raise oil export duties to $41.6 per tonne from $35.2 per tonne on June 1,
Alexander Sakovich, the head of the Finance Ministry's revenue and customs tariff policy department, told
Interfax.
"Based on the formula, established by law, the oil duty (starting
June 1) will be $41.6 per tonne," he said, adding that if the new duty
Crude export duties are based on a two-month monitoring of Russian Urals oil prices on the European market, he said.
The average price of Russian oil in March-April was $30.53114 per barrel ($222.8773 per tonne), compared with $28.3225
per barrel in January-February, Sakovich said.
The $41.6 per tonne duty is the highest since February 2002, when
export duties began to be tied to oil prices on the international
Since the rules for setting oil product export duties remains the
same for now at 90% of the oil duty rate, the new rate for oil product
Sakovich said that if the new oil export duty rate is introduced
June 1, then the rate for oil products will one month after the
scale being launched on August 1 was already in place the duty would go up to $55.4 per tonne.
market. The maximum duty in 2003 was $40.3 per tonne.
duties will be $37.5 per tonne.
publication of the pertinent governmental resolution that should be officially published no later than May 20.
The decision to change the oil duties was earlier endorsed by the governmental commission for protective measures in
foreign trade and customs-tariff policy. Now, after the dissolution of this commission, the decision to changes the
duties should be backed by the chiefs of the Finance Ministry, Economic Development and Trade Ministry, State Customs
Committee and Industry and Energy Ministry, after which the materials will go on to the government for the corresponding
resolution.
Sakovich said the necessary 'visas' should be collected as early as this week so the government can get the
materials by May 11 and have enough time to adopt the resolution and publish it officially before May 20.
[Interfax] |
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