The Russian government further lowered its lubricant export tax, due to low average crude oil prices on international markets in July and August.
The new petrochemical industry taxation rule, that became effective Jan. 1, envisions monthly indexation of the export duty, tied to crude oil price fluctuations on international markets.
On Sept. 1 the crude oil export tax came down to U.S. $109.20 per ton, almost 18 percent less than the August tax, state news agency Tass reported last week. Accordingly, the fuels and lubricants export duty is dropping too. The fuel export tax rate will drop to $92.80/t, from $103.60/t in August, while the export duty for lubricants and other petrochemicals comes down to $52.40/t, from $63.80/t in August.
From July 15 to August 15 the average price of a barrel of crude oil stood at $51, while the average fuel price stood at $373 for the same period, Alexander Sakovich, lead tax and duty tariffs expert at the Russian Finance Ministry, told Tass.
Igor Sechin, head of state-owned oil major Rosneft, one of the largest lubricant marketers in Russia, recently pleaded with Russian president Vladimir Putin to open up possibility for new reliefs to the Russian refiners. Otherwise, the market could face fuels and other petrochemicals shortages, Sechin said in an Aug. 5 letter to the Russian president.