Russia substantially increases the oil export tax rate by 12.04%

According to data released recently by the Russian Ministry of Finance, starting from April 1, the Russian oil export tax will be raised from the current 411.2 US dollars per ton to 460.7 US dollars, an increase of 12.04%.

Russian Finance Minister Sakvich said that from February 15 to March 14 this year, the average price of Russian Ural crude oil exports was approximately 123.527 US dollars per barrel. According to the calculation formula of the Russian oil export tax, the Russian oil export tax collection standard should be raised to US$460.7 per ton from next month.

In addition, from April 1, the export tax on light and heavy petroleum products will increase from the current $271.4 to $304 per ton. Gasoline export tax will increase from the current 370.1 US dollars per ton to 414.6 US dollars.

Oil exports from Eastern Siberia and the Caspian Sea continue to enjoy preferential export tariffs, and the export tax per ton of crude oil will increase from the current US$204.4 to US$241.5 from next month.

The Russian government adjusts monthly collection standards for petroleum and petroleum product export taxes according to the international market conditions. In accordance with the procedures, the adjusted oil export tax collection standards need to be formally approved by the Russian government at the end of this month.

From October 1 last year, the Russian government implemented a new export tax system for petroleum and petroleum products. According to the new taxation method, the calculation factor of Russian oil export tariffs has been reduced from 65% to 60%. The export tax for light and heavy oil products is 66% of the crude oil export tax, but the calculation coefficient for gasoline export tax is 90%.