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Russia to raise oil export duty from $110 to $137.7 per ton


MOSCOW, April 29 (RIA Novosti) - The Russian government announced on Wednesday the raising of oil export duty from the current $110 to $137.7 per metric ton from May 1.

The figure was calculated proceeding from the average price of Russia's Urals blend at $47.8845 per barrel in the period of March 15 - April 14.

As of May 1, the duty on light petroleum products will rise to $105.1 per metric ton from the current $86.4 per ton and on heavy petroleum products to $56.6 per ton from the current $46.5 per ton.

Last year, the government abandoned its previously accepted bimonthly adjustments of export duties based on the price of the Urals blend on global oil markets and from December 1 switched to setting duties for oil and oil products on a monthly basis to respond more swiftly to changes in world oil prices.

The global financial crisis has forced Russia, which receives a large part of its revenues from oil exports, to gradually devalue the ruble amid capital flight and a fall in global oil prices, which declined from their peak of $147 per barrel in July 2008 to around $40 per barrel, rising in recent weeks to $50.

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