Russia may equalize the export duties on light and heavy oil products by 2013, which are now levied at different rates, to encourage production of high-quality fuels.
“We think it is possible to unify them by 2013 to the level of 60 percent of the crude oil export duty, by gradually reducing the duty on light products and increasing that on heavy products,” Economy Minister Elvira Nabiullina told reporters in Moscow today.
The export tax on light oil products, which include gasoline, was set at $217 a metric ton this month. The duty on heavy products such as fuel oil was set at $116.90 a ton. The standard tax on crude exports, tied to the price of Urals, Russia’s benchmark blend, is now $303.80 a ton.
Russia, which plans to impose new quality standards for gasoline, now exports mostly lower-quality fuel oil for further processing at European refineries.
The light-product export tax may be set at 67 percent of the crude oil duty next year and lowered to 64 percent next year, while the duty on heavy products may be set at 46.7 percent next year and raised to 52.9 percent in 2012, Interfax reported today. Nabiullina confirmed the report.