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Belarus to reduce oil export duties on 1 July

MINSK, 30 June (BelTA) - On 1 July 2012 Belarus will reduce export duties on oil and oil products. The relevant decision is envisaged in Council of Ministers’ Resolution No. 600 of 28 June 2012, BelTA learned from the press service of the Belarusian government.

On 1 July the oil export duty will be reduced from $419.8 to $369.3 per tonne. The uniform rate of export duty on light and dark oil products (apart from petrol), which since 1 October was unified at the level of 66% of the duties on oil, will make up $243.7 per tonne as against $277 in June. 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 $332.4 as against $377.8 per tonne in June. Duty on propane, butane, ethylene, propylene, butylene and butadiene, other liquefied gases will reduce from $237.1 to $133.

The resolution amended Resolution No. 1932 of the Council of Ministers of 31 December 2010 “On setting export duties on crude oil and some oil products and on abolishing some resolutions of the Council of Ministers of the Republic of Belarus.” The document was adopted in accordance with Decree No. 716 of 31 December 2010 “On the rates of export customs duties.”

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%).