Oil export duty to jump

The government commission for protective measures in foreign trade decided to increase the export duty on oil beginning April 1, 2003, to $40.3 per ton, a source in the Russian government reported to RBC. The current oil export duty amounts to $25.9 per ton. The commission also decided to raise the export duty on oil products from $23.3 to $36.3 per ton.

The source mentioned that the oil and oil product export duties were calculated on the basis of monitoring prices on Urals oil on world oil markets. According to the source, after the commission has given its approval, the Russian Economy Ministry will introduce a decree draft to be signed by Prime Minister Mikhail Kasyanov.