Russia's government has set export duty on crude oil at $223.9 per metric ton as of August 1, an increase of 12% on the current rate, the Cabinet's press service said Tuesday according to RIA Novosti. The government adjusts export duty on crude and petroleum products every two months, depending on changes in the Urals blend price on world markets. Prime Minister Mikhail Fradkov has signed a resolution updating the current rate of $200.6 per ton, which came into effect June 1.
Under the resolution, export duty for light petroleum products will rise by $15.7 to $163.2 per ton, while export duty for heavy petroleum products will increase by $8.5 to $87.9 per ton, as of August 1.
