Russian government cuts crude export duty to $372.2 per ton

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MOSCOW, September 22 (RIA Novosti) - The Russian government has approved cutting its crude oil export duty from $485.8 to $372.2 per metric ton from October 1, the Cabinet said Monday.

Export duty for light oil products has been fixed at $263.1 per ton, and at $141.7 for heavy petroleum products.

The government adjusts export duty on crude and petroleum products every two months, depending on the price for the Russian benchmark Urals blend on world markets.

Alexander Sakovich, deputy head of the ministry's customs payment department, said last week the average crude price was $97.297 per barrel for September 1-17 and export duty would therefore be $372.2 per ton.

Finance Minister Alexei Kudrin estimated that the October 1 cut in the crude export duty would save Russian oil companies and refineries a total of $5.5 billion.

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