MOSCOW, Oct. 1 The duty on oil exports from Russia will increase by $2.5 from October 1 to $23.9 per ton, it follows from data from the Ministry of Finance.
The average price of Urals oil from August 15 to September 14 was $77.03 per barrel, with the North Sea Dated (Brent dated) quote being $88.61 per barrel. This means that the discount on Russian oil during this period amounted to an average of $11.58 per barrel, according to data from the Russian Ministry of Finance. A month earlier, a barrel of Urals cost $70.33.
From October 1, the duty on light petroleum products and oils will increase by $0.7 to $7.1 per ton, and on dark oils by $2.5 to $23.9. The export duty on commercial gasoline will increase by $0.7, to $7.1 per ton, and for straight-run gasoline (naphtha), by $1.4, to $13.1 per ton.
The duty on liquefied gas (LPG) and pure fractions of LPG remains zero. The duty on coke increases by $0.2 to $1.5 per ton.
The Russian government has introduced a ban on the export of gasoline and diesel fuel since September 21. The Ministry of Energy of the Russian Federation expects that the restrictions being introduced will make it possible to stop the “gray” export of motor fuel and saturate the domestic market. The ministry also expects that this measure will reduce prices for gasoline and diesel fuel. However, there are exceptions to the ban. In particular, the measure does not apply to supplies to the EAEU countries, humanitarian aid, marine fuel, gas oils and middle distillates.
On Wednesday, Deputy Prime Minister Alexander Novak said that in order to long-term balance the Russian fuel market, the government plans to take a number of additional measures. Among them are adjusting the parameters of the fuel damper and limiting gray exports: either through increasing the protective duty for fuel resellers, or through a complete ban on the export of petroleum products purchased on the domestic market and not produced.