OREANDA-NEWS. March 03, 2010. Russia is lowering oil export duty on its Urals blend from the current USD 270.7 to USD 253.7 per metric ton from March 1, following trends on global oil markets.

Alexander Sakovich, head of the ministry's consolidated analysis department, earlier said the average oil price was USD 72.31 per barrel from January 15 to February 14.

Export oil duty from March 1 will therefore equal USD 253.7 per metric ton, duty on light petroleum products will fall to USD 183.2 per ton from the current USD 194.7 per ton, and duty on heavy petroleum products to USD 98.7 per metric ton from the previous USD 104.9 per metric ton.

Last year, the government moved from a bimonthly to a monthly duty adjustment procedure to respond more swiftly to changes in world oil prices.