April 11 (Bloomberg) -- Russia, the world’s biggest oil producer, may reduce its export duty on most crude shipments by as much as 2.7 percent from May 1 on lower Urals prices.
The standard duty may fall to $448.20 to $451.50 a metric ton, or $61.15 to $61.60 a barrel, according to Bloomberg calculations based on Finance Ministry data. That compares with $460.70 a ton in April.
The discounted rate on some Eastern Siberian and Caspian Sea oil may fall in May to within a range of $232.10 to $234.60 a ton, compared with $241.50 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 $120.68 to $121.43 a barrel during this period, Alexander Sakovich, a Finance Ministry adviser, said by phone today. In the previous monitoring period, the crude price averaged $123.53, 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 grow to within a range from $295.80 to $298 a ton next month, from $304 in April.
A gasoline tax that Putin imposed from May 2011 to counter domestic shortages may be set in a range from $403.40 to $406.40 a ton, from $414.60 this month. That is 90 percent of the crude oil duty.
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