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Thursday, May 29, 2008

Russia Hikes Crude Export Duty to Nearly $400

May 26, 2008 - Kommersant - Russia hikes the duty on crude oil export by $58 to $398.1/ton from June 1. The respective ruling was inked by Prime Minister Vladimir Putin. Under the government’s ruling of May 22, 2008, the export duty will be $280.5 per a ton of light oil product and $151.1 per a ton of dark oil product. The current duties amount to $340.1 per a ton of crude oil, $241.4 ton per a ton of light oils and $130.1 per a ton of dark oil product starting from April 1, 2008. The amount of $398 is the record duty on crude oil export. The duty is traditionally calculated by monitoring the average prices for Urals. The price ranged from $105/bbl to $113/bbl in late April, when the Finance Ministry deliberated on the duty size.

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