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Russia to raise oil export duties

Russia will raise oil export duties by $58.4 to $333.8 per ton from February 1.

Export duties on light petroleum products will increase from $197.8 to $237.2 per ton and duties on heavy petroleum products will rise from the current $106.6 to $127.8 per ton, the report cited a government bulletin as saying.

The Russian government adjusts export duties on crude and petroleum products every two months, depending on changes in the Urals blend price on world markets. The soaring oil price has fueled the economy of Russia, the world’s No. 2 oil exporter. The flowing petro-dollars from oil export duties to the government budget stood at more than 1.2 trillion rubles ($49 billion) in 2006 and are estimated to reach nearly 1.3 trillion rubles ($53 billion) in 2007. (Xinhua)