The government has updated the methodology for calculating the rates of customs duties on oil
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The government has published a resolution on changing the methodology for calculating the rates of export customs duties on oil. The changes relate to previously introduced restrictions on the Urals discount to Brent when calculating the export duty. Document published on the portal of legal information.
Since April, when calculating customs duties on oil, the average price of Urals on world markets, as well as North Sea Dated on the North Sea market (the Argus quotation is based on the price of five North Sea grades, including Brent), is taken into account. The new resolution specifies an indicative value, above which the Urals discount to Brent (North Sea Dated) may be limited.
From May 15 to June 14, 2023, the discount was $204.4 per ton (about $28 per barrel), then $182.5 per ton (about $25 per barrel). Now, from May 15 to June 14, 2023, this value is set at $204.4 per ton, from June 15 to August 14 – $182.5 per ton, for all other periods – $146 per ton (about $20 per barrel).
The updated methodology will be used when calculating the rates of export customs duties on oil from September 1, 2023.
More details – in the material “Oil is looking for a starting point”.
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