Russia to cut oil export duty to $485.8 per ton
Russia will cut its oil export duty to $485.8 per metric ton from October 1, 2008, a senior official at the country's Finance Ministry said on Monday, RIA Novosti reports.
"The average [crude] price was $122.243 per barrel for the July-August monitoring period. The maximum duty for this price is $485.875 per ton, therefore we will reach an oil export duty of $485.8 per ton from October 1," said Alexander Sakovich, deputy head of the ministry's customs payment department.
The current rate was fixed on August 1 at a record $495.90 per ton, $97.80 more than for the previous two-month period.
The government adjusts export duty on crude and petroleum products every two months, depending on the price for Urals blend on world markets.
This will be the first decline in 18 months. The oil export duty last decreased on April 1. 2007, after a reduction in oil prices in the first quarter of 2007. The tax has been on the rise since June 1, 2007, following an increase in oil prices in the spring.