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Russia to hike oil export duty

Russia’s oil export duty is likely to increase by $25 to $248-$250 per tons, Alexander Sakovich, Deputy Head of the Customs Payments Department of the Russian Finance Ministry, told journalists today. The current oil export duty is $223.9 per ton.

Sakovich pointed out that the all-time high oil export duty was set on October 1, 2006 at $237.6 per ton and the average oil price was $68.93 per barrel. Therefore, the new rate will exceed that figure. The final oil export duty is projected to be set on September 3, 2007, which will be in effect till December 1, 2007. Sakovich also said that the average oil export duty in January-November 2006 amounted to $198.3 per ton, while this year’s eleven-month duty is expected to exceed $200 per ton. (