Oil Export Duties to be Cut

The crude oil export duty will be reduced from $416.4 to $395.9 per metric ton starting Nov. 1 based on monthly monitoring of global oil prices, the Economic Development Ministry said Friday.

According to data posted on the ministry's website, the duty on light and dark oil products, which is established at 66% of the crude oil duty since October 2011, is set at $261.2 per metric ton. In October it was $274.8.

The export duty on gasoline, based on a coefficient of 0.9, went down from $374.7 to $356.3 per metric ton, while the duty on liquefied gas exports increased from $121.3 to $154.3 per metric ton.

Monthly duty adjustment procedures were introduced by the government in 2008 to respond more swiftly to changes in world oil prices.