RTRS:Russia's June oil export duty to hit 3 year-high
Mon May 16, 2011 4:15am EDT
* June crude export duty may rise 1.9 pct to $462.1/T
* Duty second-highest after $495.9 in Aug and Sept 2008
* Gasoline export fee may total $415.8 per tonne
MOSCOW, May 16 (Reuters) - Russia's oil export duty in June will rise 1.9 percent to $462.1 a tonne, a 3 year-high, Finance Ministry data and Reuters calculations show, pushed by surging crude prices due to supply fears from restive Arab nations.
The crude oil duty -- a major factor in the economics of Russian oil exports and the financial results of Russian oil companies -- stands at $453.7 per tonne in May.
The final oil export duty for June is based on the seaborne Urals URL-E price from April 15 to May 14 inclusive.
Finance Ministry official Alexander Sakovich told Reuters on Monday that the average price for that period was $116.23 per barrel, up from $114.47 in the previous timeframe. Urals is now trading at $110 per barrel.
Reuters calculations, based on customs tariff regulations and the average oil price estimate, show the June export duty is therefore likely to be set at $462.1 per tonne.
That is less compared to the ministry projections of $463-$466.5, seen last Wednesday, and would be the duty's second-highest level since it reached a record $495.9 in August and September 2008, when oil prices spiked to almost $150 per barrel. [ID:nLDE74A0HF]
The rate is officially announced by the government at the end of each month.
Sakovich also said it was not clear yet if the government will extend higher export fees for gasoline beyond May as it fights fuel shortages amid higher demand in the summer driving season. [ID:nLDE73R0P7]
It hiked gasoline export duty by 44 percent for May to $408.3 per tonne. If the higher tax stays in June, it would rise further to $415.8. Otherwise, gasoline will fall into the category of light refined products.
The export duty on crude from some new fields in East Siberia - apart from Vankor, Talakan and Verkhechyonskoye fields - and the Caspian Sea, which enjoy a lower rate than Russian crude from other production areas, will rise to $217.5 per tonne, up from $211.7 in May.
The duty on light refined fuels, such as gasoline, is to rise to $309.6 per tonne compared to $304 per tonne in May. The duty on heavy fuels will rise to $215.8 per tonne, up from $211.8 per tonne this month.
(Reporting by Vladimir Soldatkin; editing by Keiron Henderson)
