According to Xinhua News Agency, the Russian Ministry of Finance announced on May 15 that starting from June 1, the Russian oil export tax will be reduced from the current US$448.6 per ton to US$419.8, a decrease of approximately 6.4%. The export tax for light and heavy petroleum products will be reduced from the current $296 per tonne to $277. Gasoline export taxes will be reduced from the current 403.7 US dollars per ton to 377.8 US dollars.
In addition, oil exports from Eastern Siberia and the Caspian Sea continue to enjoy preferential export tariffs, and the crude oil export tax will fall from the current price of 232.4 US dollars per tonne to 210.8 US dollars from next month.
The Russian government adjusts monthly collection standards for petroleum and petroleum product export taxes according to the international market conditions. In accordance with the procedures, the adjusted oil export tax collection standards need to be formally approved by the Russian government at the end of this month. From October 1 last year, the Russian government implemented a new export tax system for petroleum and petroleum products. According to the new taxation method, the calculation factor of Russian oil export tariffs has been reduced from 65% to 60%. The export tax for light and heavy oil products is 66% of the crude oil export tax, but the calculation coefficient for gasoline export tax is 90%.
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