Russia to lower export duty on oil

Russia will lower the export duty on oil from May 1, 2021, by $2.7 to $54.9 per tonne, Report informs, citing the Russian Ministry of Finance.

According to the ministry, the average price of Urals oil for the monitoring period from March 15, 2021, through April 14, 2021, was $61,896 per barrel.

The duty on oils and light oil products will decrease to $16.4 from $17.2 per tonne, while the duty on dark oil products will drop to $54.9 from $57.6.

The duty on the export of commercial gasoline will reduce to $16.4, and in the meantime, the duty on straight-run (naphtha) will also decrease to $30.1 from $31.6 per tonne.

The duty on liquefied gas (LPG), as well as on pure LPG fractions, will be $0. The duty on coke will be $3.5 per tonne, according to the ministry.

Currently, the export duty on oil is $57.6 per tonne.