Oil Report

Russia to raise May oil export duty to $137-138/T

MOSCOW, April 13 (Reuters) - Russia is likely to raise its oil export duty by about 25 percent to $137-138 a tonne from May 1, following an increase in crude prices over the last month, a Finance Ministry official told Reuters on Monday. Alexander Sakovich, deputy head of the ministry's customs monitoring department, said the May export duty would be based on the monitoring of international prices for Russia's benchmark Urals crude blend URL-E between March 15 and April 14.

He said the average price in the monitoring period to April 13 was $47.77 per barrel and that the average for the entire period would be between $47.8 and $48.0 per barrel.

“The oil tariff will therefore be $137-138 a tonne,” Sakovich said.

The tariff, which has been cut in each of the last several months in line with falling crude prices, was set at $110 a tonne for April.

Sakovich said export duties on light refined products, such as gasoline and gas oil, would be set at $104-105 a tonne in May, up from $86.4 a tonne this month.

On heavy refined products, such as fuel oil, the tariff was expected to rise to $56-57 a tonne from $46.5, he said. (Reporting by Katya Golubkova, writing by Robin Paxton, editing by Alfred Kueppers)