PhosAgro asks to adjust the export duty on fertilizers
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Phosagro, Russia’s largest producer of phosphate fertilizers, has proposed adjusting the export duty parameters by lowering the cut-off price for nitrogen and potash fertilizers. This was reported on January 19 by Interfax, citing sources. According to them, PhosAgro CEO Mikhail Rybnikov sent such a letter to Russian President Vladimir Putin in December 2022, and he instructed the government to consider the company’s proposal.
The export duty on fertilizers in the amount of 23.5% is valid from January 1 to December 31, 2023. The duty is applied if prices on world markets exceed the level set by the Russian government – the so-called cut-off price. For all types of fertilizers, a single threshold was set – $450 per 1 ton. If the price of fertilizers is up to $450 per 1 ton, the duty rate will be zero.
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