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Russia Raises Oil Export Duty For May On Higher Urals Crude Prices

OIL

Russia is set to raise its export duty for crude and fuel oil to $14.40/ton in May, up by 0.7% from April, reflecting a higher average price for Urals crude over the 15 March - 14 April period, the Finance Ministry said.

  • The average Urals price used by the ministry to calculate the duties was $51.15/bbl, or $373.40/ton.
  • Russia’s gasoline export duty will rise to $4.30/ton in May, from $4.20/ton in April.
  • The Finance Ministry currently uses Argus Urals CIF pricing for calculating the duties. The government aims to change the mechanism and to include the discount to Brent to calculate the export duty from June according to Tass.
Energy BulletsCommodities
Energy BulletsCommodities

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