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Russian oil export duty could rise from August

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Russian oil export duty could reach a record $495 per ton from August rising by more than 24%, a deputy head of the Finance Ministry customs payment department said on Tuesday.

“The average [crude] price was $122.1 per barrel for the May-June 23 monitoring period. It is most likely, that the average price during all the May-June monitoring period will be $122-123 per barrel. We are reaching the $490-495 level for oil export duty,” Alexander Sakovich said adding that from June 1 the duty was set at $398.1 per metric ton.

He said export duties on light oil products could rise to around $345 per metric ton from August 1, 2008 (compared to the current $280.5), and duty on heavy petroleum products could increase to $185 from $151.1 per metric ton.

Russia’s government adjusts export duties for crude and petroleum products from Russia every two months depending on changes in the price of Urals crude on world markets. (rian.ru)

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