Russia lowers oil export duty to $253.7 per ton from March 1

The FINANCIAL — Russia is lowering oil export duty on its Urals blend from the current $270.7 to $253.7 per metric ton from March 1, following trends on global oil markets, according to RIA Novosti.

Alexander Sakovich, head of the ministry's consolidated analysis department, earlier said the average oil price was $72.31 per barrel from January 15 to February 14.

Export oil duty from March 1 will therefore equal $253.7 per metric ton, duty on light petroleum products will fall to $183.2 per ton from the current $194.7 per ton, and duty on heavy petroleum products to $98.7 per metric ton from the current $104.9 per metric ton.

Last year, the government moved from a bimonthly to a monthly duty adjustment procedure to respond more swiftly to changes in world oil prices.