Russia will reduce export duty on sunflower oil to $ 251.4 per ton from February 1 – Economy and business
MOSCOW, January 10. / TASS /. The duty on the export of sunflower oil from Russia from February 1, 2022, is reduced to $ 251.4 per ton against $ 280.8 in January 2022. This is stated in the materials of the Ministry of Agriculture.
The duty is based on the indicative price of $ 1,359.2 per ton.
According to the decision adopted by sunflower oil from September 1, 2021 to August 31, 2022, a floating export duty of 70 percent is introduced. It is charged from the difference between the current price (1,000 dollars per tonne) and the indicative price (arithmetic average market prices for the month), reduced by a correction factor (50 dollars per 1 tonne). For an indicative price, the Ministry of Agriculture has been instructed to constantly monitor the market. Information on the amount of the duty will be promptly posted on the websites of government agencies.
Earlier, the head of the Fat and Oil Community Mikhail Maltsev said that the export duty on sunflower oil should be reduced. In addition, there is now an export duty on sunflower exported from Russia outside the EAEU. According to the government, this will help regulate export volumes and reorient market participants to the export of agricultural products with high added value.