Russia has changed its calculation formula for oil export duty, and announced a plan to cut tax from 485.8 U.S. dollars per ton to 372.2 dollars starting from October, Russia's major media said Monday.
According to the Interfax News Agency, export duty on refined oil will fall from 346.4 dollars per ton to 263.1 dollars, while tax on preliminary refined oil products will dip from 186.6 dollars per ton to 141.7 dollars.
The Russian government also changed its usual formula for calculating the export duty due to the wild price fluctuations on the global oil market. The latest adjustment to the tax rate was based upon the average market price of Urals oil during a period of less than 20 days, from Sept. 1 to Sept. 17, compared with statistics collected every two months in the past.
The reduction in export duty, as the government estimates, will save the oil exporting enterprises as much as 5.5 billion dollars, with 4.5 billion going to the exploiting companies and 1 billion to the refining factories.
Source: Xinhua
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