Russia raises crude oil export tariff on March 1, 2012

Russia will increase crude oil export tariff by 4.6% from March 1 this year.

According to data released by the Russian Ministry of Finance, starting from March 1, the standard tariff for export crude oil will increase from 393.70 US dollars per tonne in February to 409.10-412 U.S. dollars. Discounted crude oil (to Eastern Siberia and countries around the Caspian Sea) export tariffs increased from US$191.20 per ton to US$202.8-205.

The Russian Ministry of Finance explained that raising the export tariff of crude oil is based on the average price of Ural crude oil in the international market for nearly a month. The Ural crude oil price in the last month was 111.74-112.43 US dollars per barrel.