Russia May Raise March Crude Export Duty 4.6% After Urals Gains
Russia, the world’s biggest oil producer, may increase the export duty on most crude shipments by as much as 4.6 percent from March 1 after Urals prices rose.
The standard duty may climb to $409.10 to $412 a metric ton, or $55.81 to $56.21 a barrel, according to Bloomberg calculations based on Finance Ministry data. That compares with $393.70 a ton in February.
The discounted rate on some Eastern Siberian and Caspian Sea oil may be set within a range from $202.80 to $205 a ton, compared with $191.20 this month.
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, Russia’s benchmark export blend, may average $111.74 to $112.42 a barrel during this period, Alexander Sakovich, a Finance Ministry adviser, said by phone today. Urals averaged $108.23 in the previous period, according to the ministry.
Prime Minister Vladimir Putin must sign off on the levies before they take effect. The government lowered the crude tax rate applying a coefficient of 60 percent, down from 65 percent, and unified the duty on most refined products at 66 percent of that levy since October.
The duty for middle distillates and heavy products may increase to within a range from $270 to $271.90 a ton next month, from $259.80 in February.
A gasoline tax that Putin imposed from May to counter domestic shortages may be within a range from $368.20 to $370.80 a ton, from $354.30 this month. That is 90 percent of the crude oil duty.
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