The oil export duty will be reduced from $369.3 to $336.6 per tonne.
Belarus will reduce export duties on oil and oil products on August 1, 2012 in accordance with the resolution by Council of Ministers.
The oil export duty will be reduced from $369.3 to $336.6 per tonne. The uniform rate of export duty on light and dark oil products (apart from petrol), which since October 1 was unified at the level of 66% of the duties on oil, will make up $222.1 per tonne as against $243.7 in July. The same duty will be imposed on benzene, toluene, xylenes. The coefficient of 0.9 will be applied to the export duties on commodity and directly distilled petrol. Thus they will equal $302.9 as against $332.4 per tonne in July. Duty on propane, butane, ethylene, propylene, butylene and butadiene, other liquefied gases will reduce from $133 to $68.9.
Starting from 1 October this year Belarus, following Russia, has been calculating export duties on oil and oil products using the formula ‘60/66’. The formula is applied to the products exported outside the customs territory of the Customs Union. The formula implies that the rates of export duty on light and dark oil products have been harmonized and are calculated using the coefficient 0.66 (66%) of the oil duty. The duty on petrol is calculated using the coefficient 0.90 (90%).
Since 2011, Belarus has been importing Russian oil duty-free. However, export duties on oil products made from this crude and sold to third countries are transferred to Russia’s budget. Export duties on oil produced domestically (1.7 million tonnes per year) are transferred to Belarus’ budget. In H1, 2012, Russia received $2,218.7 million in Belarus’ export duties on oil products shipped to third countries.
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