Oil export tax may be increased

The government commission on antidumping measures and customs policy recommended an increase in export tax on crude oil and oil products up to $29.8 per ton effective December 1, 2002, the press secretary of Deputy Prime Minister Alexey Kudrin declared today.

The current export tax on crude oil is $26.2 per ton. According to materials prepared for a meeting of the commission, the average price for Urals oil was $26.49 per barrel or about $194 per ton in September-October 2002. The increase in the tax will result in $30m-35m in additional revenues to the 2002 federal budget.