Sunflower oil export duty reduced by 20%

In May, the export duty on sunflower oil from Russia will amount to 1,122.2 rubles per ton against 1,398.9 rubles in April, a decrease of 19.8%, informs with reference to the Ministry of Agriculture “Interfax”.

According to the agency, the export duty on meal was raised to 6,577.7 rubles per ton from 4,777.6 rubles in April. It is noted that the fee has been increasing since December last year.

“The indicative prices, on the basis of which the duties are calculated, were: for oil – $1,030.7 per ton ($1,100.1 a month ago), for meal – $285.2 ($269.5),” the agency writes. .

From September 1, 2021, Russia has a floating export duty on sunflower oil. It is defined as 70% of the difference between the base price of $1,000 per ton and the indicative price (arithmetic average of monthly market prices), reduced by a correction factor of $50 per ton.

At the end of June, the government commission approved the transfer of duty calculations for the export of grain crops, sunflower oil and sunflower meal into rubles, the Russian Ministry of Economic Development reported. According to the Ministry of Agriculture, the base price for sunflower oil will be 82,500 rubles. per ton (instead of $1,000), for meal – 13,875 rubles. per ton (previously $185), for wheat and meslin – 15,000 rubles. per ton (previously $200), for barley and corn – 13,875 rubles. per ton (previously $185). Export duties on sunflower oil, sunflower meal and seeds have been extended until August 31, 2023.