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Export duty on Russian crude oil may surge again
Dec '10
The export duty on Russian crude oil might record a further hike up to $316-319 per ton, or additional $12.20-15.2 per ton as compared to the present rate of $303.80 per ton. The special rate on East Siberian as well as North Caspian crude oil might witness an increase of $9-10 per ton to $117-118 per ton, registering an increase from the present rate of $108 per ton.

The Russian Finance Ministry had been monitoring the price fluctuations of crude oil. The average price of crude oil between 15 November and 9 December, 2010 had been $85.34 per barrel. If crude oil prices continue to remain below $87-90 per barrel for the coming three days then the closing price could be fixed at $85.98 per barrel, after monitoring.

The export duty on light products might increase up to $225-227 per ton from the present rate of $217 per ton whereas the duty on heavy product might enhance from $116.90 per ton to $121-122 per ton.

Russia's crude oil export duty had already registered a hike of 4.5 percent from $290.60 per ton to touch $303.80 per ton from 1st December.

Fibre2fashion News Desk - India

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