Russia is likely to increase its oil export duty in May to between $281 and $284 per tonne from $268.9 currently to reflect a rise in oil prices, according to Finance Ministry figures and Reuters calculations. The export duty, a major factor in the financial results of Russia's oil companies, is based on monitoring of international prices for Russia's benchmark Urals crude blend.
The May duty will be based on prices from March 15 to April 14. Finance Ministry official Alexander Sakovich said on Monday the average price of Urals between March 15 and April 11 was $78.105 per barrel, slightly lower than the current level of above $80.
"If the price stays at a level of $78-82 until the end of the monitoring period, the final average price of the barrel could total $78.09-78.66," he told Reuters. Reuters calculations, based on custom tariff regulations and the average oil price estimate, show the May crude oil export duty is thus likely to be set at $281-284 per tonne, up 4.5-5.6 percent from the April level.
Export duties on light refined products, such as gasoline and gas oil, are likely to total $202-204 per tonne, up from the current level of $193.5 per tonne. On heavy refined products, such as fuel oil, the May tariff will be set at around $109-$110, compared with $104.2 per tonne in April.
Russia abandoned the export duty for 13 East Siberian oil fields from December 1 and added 9 more fields in East Siberia in the middle of January, but the decision on whether to impose the fees on the deposits is taken every month. There is no certainty the fields will be still exempt from the duty in May, though a Finance Ministry source told Reuters the zero tariff for the deposits will be in place next month too.