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2009 March 10   10:12

Russian oil export duty to drop to $108-$112/tonne April 1 - MinFin

The export duty on Russian oil will probably  fall  to  $108-$112  from $115.3 a tonne on April 1, a Finance Ministry official told Interfax.

"We're  already  pretty  confident  the duty will be lowered," said Alexander Sakovich, the ministry's deputy head of customs payments.

Sakovich  said  the  price  of  Russian  crude averaged at $41.92 a barrel for  the period February 15 and March 9. "It would have to exceed $48 a barrel  for  the  next  four  trading  days  [before the one-month observation  period is up] for the [new] duty to be level with or higher than the existing one," he said.

Sakovich  said market trends point to oil trading at $40-$45 in the next four  days,  in  which case it would average $41.54-$42.54 a barrel for the  whole  observation period for February 15-March 14 and the duty will be $108-$112 a tonne.

The  duty  on light petroleum products will likely fall from $90 to $85-$88  a  tonne,  and  that on dark products from $48.5 to $46-$47.5 a tonne.

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