Russian oil export duty to drop by a quarter in Feb/Jan to $12.8/t, Reuters estimate

MOSCOW, Jan 13 (Reuters) – The duty on Russian oil exports in February 2023 will decrease by $3.9 compared to January’s value to $12.8 per ton, a Reuters preliminary calculation based on data from traders showed. The average price of Russian Urals oil for the monitoring period from December 15 to January 14 fell to $46.8 per barrel against $57.49 per barrel for the previous monitoring period, which determined the duty this month. The duty on light oil products (except for naphtha) – gasoline, diesel fuel and lubricating oils – will fall to $3.8 per ton in February from $5.0 per ton in January. The duty rate on naphtha will fall to $7.0 per ton next month from $9.1 per ton in January; for dark oil products – up to $12.8 per ton from $16.7 per ton. The duty rate for oil is calculated on the basis of monthly monitoring of the price of offshore shipments of Russian Urals oil in the period up to the 15th day of the month preceding the month in which the duty is effective. When calculating export customs duties in 2023, a correction factor of 0.167 is applied in accordance with the Customs Tariff Law. Below are the values ​​of export duty rates for crude oil and oil products (in dollars per ton) in February 2023, according to Reuters calculations, and the actual values ​​in January 2023: 0 9.1 Light oil products, except for naphtha 3.8 5.0 Motor gasoline 3.8 5.0 Diesel fuel 3.8 5.0 Fuel oil, dark oil products 12.8 16.7 Non-calcined petroleum coke 0.8 1.0 Lubricating oils 3.8 5.0