Oil export duty to drop to $336.60 a ton in August, expert says

Russia's Finance Ministry expects oil export duties to go down 9% from the current $369.30 per ton to $336.60 effective August 1, 2012, RBC reports quoting the ministry's chief expert Alexander Sakovich.

The forecast was based on the price of Urals Crude between June 15 and July 14, 2012, when it averaged $95.19 per barrel, the expert said.

The rate of $222.10 per ton would be applicable to exports of light and heavy oil products effective July 1, down from the current $243.70 per ton, while the gasoline duty set at 90% of the oil export rate would fall to $302.90 per ton, down from $332.40.

The discount duty on oil exports from a number of East Siberian fields and Lukoil's two Caspian Sea fields would amount to $148.40 per ton, down from the current $173 per ton.