Russia will increase oil export tax rate by 9%

The Russian Ministry of Finance officials said on the 15th that starting from November 1, the Russian oil export tax will be raised from the current $266.5 per ton to $290.6, up 9%.

Russian Finance Minister Sakovich told the media that the average price of Russian oil exports was approximately US$80.09 per barrel from September 15 to October 14, 2010. According to the Russian oil export tax calculation formula, the Russian oil export tax collection standard should be raised to US$290.6 per ton from next month.

Zakovic also announced that from next month, the export tax for light petroleum products will be raised from the current $191.8 per ton to $208.1; the export tax for heavy oil will be raised from $103.3 per ton to $112.1; Siberian oil exports continued to enjoy preferential treatment, and the export tax per ton increased from US$ 82.1 to US$ 98.8.

Russian oil export tax is adjusted once a month. According to the procedures, the above-mentioned export tax collection standards need to be formally approved by the Russian government at the end of this month.