MOSCOW: Russia's oil export duty may rise around 7 percent in May to reach $454-$456 per tonne, the highest level in over 2-1/2 years on surging crude prices, according to Finance Ministry and Reuters calculations.
The crude oil duty -- a major factor in the economics of Russian oil exports and the financial results of Russian oil companies -- stands at $423.7 per tonne in April.
The final oil export duty for May is based on the seaborne Urals price from March. 15 to April 14 inclusive.
Finance Ministry official, Alexander Sakovich, told Reuters on Tuesday the average price so far has been $113.90 per barrel, up from $107.81 in the previous timeframe.
"If the oil price stays in the $118-$122 range in the three remaining days (of the monitoring period), the final duty could total $114.44-$114.96 per barrel," he said by telephone.
Urals is now trading above $123 per barrel, tracking the surge in Brent crude prices that have climbed 14 percent from March 15 to today's $123.76 per barrel due to conflict in oil-producing Arab countries.
Reuters calculations, based on customs tariff regulations and the average oil price estimate, show the May export duty is therefore likely to be set at $454-$456 per tonne.
This would be the duty's second-highest level since it reached a record $495.9 in August and September 2008, when world oil prices rose to almost $150 per barrel.
In September 2008, the Russian government decided to cut the duty to $372 per tonne to ease the burden on oil companies.
The export duty on crude from new fields in East Siberia and the Caspian Sea, which enjoy a lower rate than Russian crude from other production areas, is likely to rise in May to $212-$213 per tonne, up from $191 in April.
The duty on light refined fuels is likely to be raised to $304-$306 per tonne compared with $283.9 per tonne in April. The duty on heavy oil products is likely to rise to around $212-$213 per tonne, up from $197.9 per tonne.
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