Russia eyes increasing duty on oil exports from July 1

The export duty on oil in Russia will rise by $2.7, from $58.8 per ton in June to $61.5 per ton in July, oilexp reports referring to the press service of the Ministry of Finance of the Russian Federation, Report informs.

According to the ministry, the average price of Russian export Urals oil for the monitoring period from May 15 to June 14, 2021, amounted to $67.9005 per barrel, or $495.7 per ton. In the previous monitoring period, the average price of Urals oil was $65.46 per barrel.

From July 1, 2021, the duty on light petroleum products and oils will increase from $17.6 to $18.4 per ton and on dark petroleum oils – from $58.8 to $61.5 per ton.

The duty on the export of commercial gasoline will be increased from $17.6 to $18.4 per ton, and straight-run (naphtha) – from $32.3 to $33.8 per ton.

The duty will remain zero for liquefied gas (technical propane-butane mixture) and pure fractions of liquefied gas (LPG). The duty on coke will increase from $3.8 to $3.9 per ton.

In 2021, the Russian budget will receive funds based on the Urals price of $43.3 per barrel. All additional income goes to the National Welfare Fund.

Since June 1, the duty on the export of Russian oil has increased by $3.9 to $58.8 per ton.