Oil export taxes to be raised on October 1

The Russian government has raised export taxes in crude oil and crude oil products from $25.1 to $33.8 per ton. The new rate comes into force on October 1, 2003, the Government Information Department reported.

Exports taxes on carbon oil, toluene, xylene, propane, butane, ethylene and other liquid gases will be increased from $22.6 to $30.4 per ton.

The advance in export taxes is due to the increase in oil prices. The average price of Urals oil was $27.84 per barrel in the period from July to August 2003, against $24.86 in the period from May to June 2003.