Business & Financial News

From now the rate of the export customs duties on crude oil in Russia is being raised up to 275,4 dollars per tonne.
The corresponding decision about the statement of rates of the export customs duties on oil crude and on separate categories of the goods developed from oil has been signed by Russia’s Prime Minister Viktor Zubkov on November 13 and published in the Rossiyskaya Gazeta newspaper today.
According to the decision since December, 1st 2007, the rate of the export duty for light mineral oil (light and average distillates, gas oils), and also benzene, toluene, prosir, butane, ethylene, propylene, butylenes, butadiene and other liquefied gases is established at the rate of 197,8 doll./tonne. The rate on dark mineral oil (liquid fuel, oil and the fulfilled mineral oil), and also on the rests from oil refining or mineral oil, including on oil coke and bitumen, will be established at the rate of 106,6 doll./tonne.
Since October, 1st 2007, the export duty for oil at the rate of 250,3 doll./tonne operated. The export duty on light mineral oil made about 181 doll./tonne, on dark - 97,5 doll./tonne.
It is worth of mentioning that in September-October, and also in the beginning of November 2007, the essential rise in prices for mineral oil was observed practically in all regions Russian Federation. in this connection State Duma Deputies have addressed to the Prime Minister of the Russian Federation Victor Zubkov with the request to arrange on stabilization of a situation with a rise in prices at mineral oils’ home market.
At the same time the Federal antimonopoly service has informed the Russian Federation, that under the request of independent mineral oil market participants it will ask the largest oil companies to give the information on selling structure.
At first sight, market situation is quite adequate: jump in prices has occurred on a background of expectation of export duty growth (volumes of export have grown and it has reflected in home market saturation), plus scheduled repairs at oil refining factories. However, it is not excluded, that the rise in prices can be connected with “oil traders’ unfair competition”.