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. Last Updated: 07/27/2016

Oil Export Tax Will Grow by 17%

The crude export tax will increase by 17 percent to a record on June 1, after oil prices rose in March and April.

The tax will be set at $398.10 per ton, the seventh consecutive increase, Alexander Sakovich, deputy head of the Finance Ministry's customs department, said by telephone Sunday. The current duty is $340.10 per ton, or $46.40 per barrel.

Russia revises its export taxes on crude and oil products every two months based on the previous two-month average price for Urals, the country's benchmark export blend. That stood at a record $102.76 per barrel in the period, Sakovich said. Oil prices have risen 68 percent since the same time last year.

Export taxes on refined oil will rise 16 percent to $280.50 per ton for light products, such as gasoline and butane, Sakovich said. They will reach $151.10 per ton for heavy products, such as fuel oil.