The reason for another tax cut is a a decline in the price of the commodity.
Export duties will be $80.30 per ton for light oil products and $43.20 per ton for heavy products, said Alexander Sakovich, a Finance Ministry official.
The government has begun recalculating export duties each month, basing them on the average oil prices from Dec. 15 to Jan. 14.
The news comes after the government cut its average oil forecast for this year to $40 per barrel from $50, Vedomosti reported Thursday, citing government officials.
Author: Ksenia Kochneva
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Russian Oil Duties Cut By 15%
Russian government will cut its tax on crude oil exports by 15 percent to $13.76 per barrel on Feb. 1, the Finance Ministry said Thursday
