Russia reduces export duties on oil from September 1

According to the Ministry of Finance Export, duty on oil will drop by 3.4 dollars and will be 90.7 dollars per ton in Russia from September 1.

Report informs citing the TASS that it is evidenced in the materials provided by the Ministry of Finance.

The average price of Urals oil in the monitoring period from July 15 to August 14, 2019 was 61.44 dollars per barrel, or 448.5 dollars per ton. Based on these data, the duty on high-viscosity oil will fall to $9 from $9.4.

Due to the new calculation formula adopted in the framework of the tax maneuver in the oil industry from February 1, 2015, the preferential oil duty rate for a number of fields in Eastern Siberia, the Caspian fields and the Prirazlomnoye field remains at zero level.

The duty on liquefied gas remains at zero level.

The duty on light petroleum products and oils will drop to 27.2 dollars per ton, on dark ones - 90.7 dollars. The duty on the export of commercial gasoline will drop to $ 27.2, straight-run (naphtha) - to $ 49.8 from $ 51.7 per ton. Coke duty will drop to $ 5.8 from $ 6.1 per ton.

Currently, the export duty on oil makes $ 94.1 per ton.