From 1 of September 2015, the export duty on oil could be reduced by 18%, to $109.2 per ton. This was announced by the Ministry of Finance. However, on a budget these dynamics are not seriously affected, but the prices at retail are likely to grow.
First, the numbers. As reported in the Ministry of Finance, the new amount of the fee received on the basis of oil prices.
The average cost of a barrel from July 15 to August 14 was $51,09304, or $373 per 1 ton.
"The reduction of export duties should not have a significant impact on the replenishment of the budget. The export duty in Russia comes in the currency, and the budget sent to the ruble equivalent. Currency rate will lower, but at a higher rate," - explained the President of the Union of oil and gas Industrialists Gennady Shmal.
Prices in retail can grow. "Due to reduction of export duty we can expect a sharp increase in oil exports. And the main disadvantage of this is the increase in oil prices within the country. Less oil in the country – less gasoline. As a result, the gas station, the fuel will rise in price. And this is largely a social issue, as the cost of gasoline depends on the cost of products on store shelves," - says Gennady Shmal.
Instead of the tax maneuver, according to him, you should think about how to work tax financial result. "This is a well-established international practice. A bill on the introduction of this tax recently introduced in the State Duma, and it is a positive fact," - said the expert.
This scheme has been used, for example, in the United States. "Take the tax system of the United States. Wells producing 500-600 litres per day, are recognized as cost-effective and profitable, but it should give tons", - he gives an example.
The price of oil in dollars
According to experts, the export duty on crude oil from 1 September 2015 to $109.2 per 1 ton.
The export duty on heavy crude oil from 1 September 2015 will decrease from $17 to $13.7 per 1 ton. The duty for directly distilled gasoline will drop to $92.8 per 1 ton of gasoline to $85.1 per 1 tonne, for other light oil and lubricating oil to $52.4 per 1 ton, on dark oil products coke and oil to $82,9 per 1 ton, duty on coke drops to $7.
Oil prices returned to the level of 2009
WTI continues to fall in price. The reason is the concern that the volume of oil supplies to the world market will exceed the demand. Indeed, currently, the level of supply is now higher demand for more than 90 million barrels. At the same time Iran estimates the oversupply of crude oil market of 3 million barrels per day.