Russian Government Raises Export Duty on Oil by 55%

The Russian government has approved a rise in export tariffs on crude oil and petrochemical products which will take effect on April 1. The average rise will be 55.6%. According to the government's press office, the relevant order was signed today by Prime Minister Mikhail Kasyanov. The customs duty on oil exports will now be USD 40.3 a tonne instead of the former USD 25.9 a tonne. Export duty on refined oil products will rise from USD 23.3 a tonne to USD 36.3 a tonne.

On February 1, 2003 duty on oil exports was reduced from USD 29.9 a tonne to USD 25.9 a tonne. At the beginning of February the Russian government also introduced a unified rate of export duty on refined oil products being exported beyond countries belonging to the Customs Union. This rate was set at USD 23.3 a tonne. Previously a duty of USD 26.8 had been levied on most refined products.