Min: Russian govt may switch to unified oil pdt duties on Oct 1

MOSCOW, Aug 12 (PRIME) — The Russian government could switch to unified export duties on light and heavy oil products, or the so-called 6066 tax regime, on October 1, a spokesperson for the Energy Ministry, which plans to submit its proposal on the regime to the government by the end of August, told PRIME Friday.

The ministry has not yet specified how to compensate Russian oil companies Bashneft and Tatneft for the unification of the duties. The companies combined annual losses from this move are estimated at 8 billion9 billion rubles.

This 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. $182.5 per tonne, while also unifying the export duties on light and heavy oil products at 66% of the oil export duty.

Commenting on the possibility of the retention of the current prohibitive export duty on gasoline in September, the decision depends on three factors, the ministry said, citing oil prices, fuel reserves, and oil product exports.

Starting from May 1, the government temporarily set a prohibitively high export duty on gasoline of $408.3 per tonne, 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 $394.4 per tonne.

(29.4170 rubles U.S. $1)


Leave a comment