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. Last Updated: 07/27/2016

Fuel Export Duty to Be Hiked in June

Russia will increase its oil export duty by 28.3 percent in June-July following a rise in global oil prices, a Finance Ministry official said Wednesday.

Russia sets oil and oil product export duties every two months based on monitoring of international prices for its mainstay Urals crude blend.

"The average oil price was $61 per barrel during the monitoring period of March and April. Based on this, the oil export duty will be set at $200.60 per ton from June 1," said Alexander Sakovich, of the ministry's customs department.

The current oil export duty is set at $156.40 per ton.

Sakovich said export duties for refined products would also be increased by around 25 percent to $147.50 per ton of light products and $79.40 per ton of heavy products, such as fuel oil, from the current figures of $117.70 and $63.40, respectively.

Export duties often prompt Russian oil firms to reshuffle their flows, refining more crude at home when duties rise and sending more abroad when they decline.