Russia will lower its oil export duty to $192.1 per metric ton on December 1 from the current $287.3, a government source said on Thursday according to RIA Novosti.
"The government resolution has been signed," the source said adding that the government had examined two figures, which included a more radical cut of $140 per ton.
Today's tax cut for crude exports, as well as light and heavy petroleum products, was based on average Urals crude prices on world markets for the period October 15 to November 14.
Duty on light petroleum products has been cut to $141.8 per ton against the current $205.9 and on heavy petroleum products to $76.4 per ton from the current $110.9.
The Russian government made the decision to switch from monitoring average global oil prices over a two-month period to a monthly basis from December 1. Under the present procedure, export duties are adjusted every two months.
