Russia raises export duties on oil

The Ministry of Economic Development of Russia has decided to increase the duty on oil exports from October 1. According to the department’s documents, the first increase since September last year will amount to almost $4 per ton, bringing the tax on exported oil from $84.10 to $87.90 this September.

The increase will affect almost all types of fuel. According to RIA Novosti, the export duty for high-viscosity oil is raised to $13.60 from $12.90 for commercial gasoline, up to $26.30 compared to $25.20 in the previous month. The duty for white oil products will be $26.30 per ton and for black products it will be $87.90 per ton. The average price for Urals oil for the period from August 15 to September 14 was $378.3 per ton, the Finance Ministry said.

Earlier, the Ministry of Economic Development of the Russian Federation lowered the forecast for the export of oil from Russia in 2017 from 257.7 million tons to 255.7 million tons following the presentation on the main parameters of the socio-economic development forecast for 2017-2020. The ministry predicts that oil exports from Russia will amount to 256.7 million tons in 2018, 264.7 million tons in 2019, and 266.7 million tons in 2020.

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