Russia Raises March Crude Export Duty 4.4% After Urals Gains

Russia, the world’s biggest oil
producer, will raise its export duty on most crude shipments by
4.4 percent from March 1 following an increase in the price of
the country’s Urals blend.

The standard duty will climb to $411.20 a metric ton, or
$56.10 a barrel, from $393.70 a ton in February, according to a
decree signed by Prime Minister Vladimir Putin and published
today in the official government newspaper, Rossiyskaya Gazeta.

The discounted rate on some Eastern Siberian and Caspian
Sea oil will climb to $204.40 a ton from $191.20.

Russia bases the export duties on the average Urals crude
price from the 15th day of one month to the 14th of the next.
Urals (EUCRURNW), Russia’s benchmark export blend, averaged $112.22 a
barrel during the most recent period, according to the Finance
Ministry, up from $108.23 in the previous period.

The government lowered the crude tax rate in October,
applying a coefficient of 60 percent, down from 65 percent, and
unified the duty on most refined products at 66 percent of that

The duty for middle distillates and heavy products will
rise to $271.40 a ton next month, from $259.80 in February.

A gasoline tax that Putin imposed in May to counter
domestic shortages will increase to $370.10 a ton from $354.30
this month. That is 90 percent of the crude oil duty. The
government will lower the duty on liquefied petroleum gases such
as butane and propane to $157.30 a ton.

To contact the reporter on this story:
Jake Rudnitsky in Moscow at

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