Russia to increase oil export duty

London (Quantum Commodity Intelligence) - Russia's crude oil export duty is set to rise to $58.80/mt from June 1, up from $54.90/mt in May, amid an increase in oil prices, the finance ministry said, according to local media sources.

The level of duty is calculated by the finance ministry and based on the monitoring of seaborne Urals crude oil prices, which was around $65.45/b, or $477.8/mt, between April 15 and May 14.

Export duties for gasoline, diesel and other middle distillates will rise to $17.6/mt in June. 

Russian Deputy Prime Minister Alexander Novak said last week there would be no temporary ban on gasoline exports from Russia. 

On April 30, the energy ministry had outlined a potential ban on gasoline exports for three months aimed at easing pressure on domestic prices.