March 15, 2012 / 6:40 AM / 8 years ago

Russia may hike fuel oil export fee Apr-May-sources

MOSCOW, March 15 (Reuters) - Russia may increase its fuel oil export duty to 90 percent of the fee on crude oil from the current 66 percent starting in April or May, three government sources told Reuters on Thursday.

One government source said a government meeting discussing the duty was currently underway.

“It (the rise) may happen as early as April,” the source said, adding that the Economy Ministry believed the current tax has failed to generate the “expected” budget revenues.

“Our minister proposed to hike the fee due to the market situation, including the rise in oil prices,” another source at the Energy Ministry said.

“Looks like the increase will come into force starting from May, not next month,” the source added.

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