The government proposed linking the calculation of duties on Urals with the cost of Brent
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The Russian government has prepared amendments, according to which export duties on Russian Urals oil will be calculated taking into account not only its price, but also the cost of the reference grade of Brent oil. In addition, the size of the discount on Urals is proposed to be limited. This was reported TASS with reference to the amendments that the agency has at its disposal. They should be considered in the profile committee of the State Duma.
According to TASS, when calculating export customs duties on oil, one should take into account the average price of Brent on world markets (Mediterranean and Rotterdam), as well as North Sea Dated quotes on the North Sea market. Monitoring of the North Sea Dated is proposed to begin on April 15th. The new calculation scheme will come into force on June 1.
According to the amendments, if the average cost of Urals in the Mediterranean and Rotterdam markets is lower than the reduced one by $204.4 and $182.5 per ton of North Sea Dated in the North Sea, then it is taken equal to the reduced one by $204.4 per ton and $182.5 per ton, respectively. North Sea Dated average oil price.
In April, a law came into force in Russia on a new methodology for determining the price of Urals oil when calculating taxes on the extraction of minerals (MET) and on additional income from the extraction of hydrocarbon raw materials (ATD). According to the law, when calculating duties, the discount on Urals is limited. If in April the discount of Urals is more than $34 from the average price of Brent, then the MET and AIT are calculated based on the cost of Urals with a discount of $34 from Brent, in May the discount will be $31 from Brent, in June – at $28. From July, the indicator will be set at $25.
According to the Ministry of Finance, the average price of Urals in March 2023 amounted to $47.85 per barrel versus $89.05 in March 2022. The cost per grade of oil fell by 1.86 times, estimated at the Ministry of Finance.
About oil and gas revenues of Russia – in the material “Kommersant” “Make it to the base”.
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