Russia raises oil export duty from June
Russia’s oil export duty will rise to a record $398.1 per metric ton from June 1, 2008, in line with global market trends
“The average [crude] price was $102.8 per barrel for the March-April monitoring period, which puts the maximum duty rate at $398.1 per metric ton. Therefore we will reach a record export duty on Russian oil that will be fixed at $398.1 per metric ton from June 1,” Alexander Sakovich, deputy head of the customs payment department at Russia’s Finance Ministry earlier said. He said export duties on light oil products would rise to $280.5 per metric ton from June 1, 2008, from the current $241.4 per metric ton, and duty on heavy petroleum products would grow to $151.1 per metric ton from $130.1.
The Russian government adjusts export duty on crude and petroleum products every two months, depending on changes in the Urals blend price on world markets. The average price of Russia’s benchmark Urals crude blend was $93.36 per barrel in the Q1 of 2008, up $39.12, year-on-year. The Urals average price in March 2008 was $99.78 per barrel, compared to $58.86 per barrel in the same month last year. On March 24, Russia’s economics ministry raised its 2008 forecast for the annual average price of Urals by 16% to $86 per barrel. (rian.ru)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.