Putin inks ruling switching to unified oil pdt export duties Oct 1

MOSCOW, Aug 26 (PRIME) — Russian Prime Minister Vladimir Putin has signed a ruling to switch to unified export duties on light and heavy oil products, or the so-called 6066 tax regime, on October 1, according to a document published on the Russian governments Web site Friday.

In particular, the regime envisages decreasing the maximum size of the export duty on oil to 60% from the current 65%, which is levied on the difference between average world oil prices, estimated on a monthly basis, and an oil price of U.S. $182.50 per tonne, while also unifying the export duties on light and heavy oil products at 66% of the oil export duty.

Under the ruling, the export duties for heavy oil products are to be increased starting from 2015.

Earlier on Friday, Deputy Prime Minister Igor Sechin said at a meeting with Putin that directly distilled and commercial types of gasoline are planned to be used on a larger scale on the domestic market. Consequently, the export duty for these types of gasoline is to amount to 90% of crude oil export duties, with the duty to be maintained from January 1, 2015, Sechin also said.

Starting from May 1, the government temporarily set a prohibitively high export duty of $408.30 per tonne on gasoline, corresponding to 90% of the export duty on oil, due to a shortage of fuel supplies on the domestic market.

In August, the gasoline export duty amounts to $394.40 per tonne and is expected to increase to $399.7 per tonne in September.


Leave a comment