Russia approved a 25 per cent increase in oil products export duty to $57 per tonne from mid-October to revive fears of a potential decline in heavy products supplies to Europe, a government official said.

The Economy and Trade Ministry official said the commission for protective measures in foreign trade also approved a largely expected increase in crude oil export duty to a record $87.90 per tonne from October 1 from current $69.90 per tonne.
“We have decided to keep the products duty at 65 per cent (of the crude oil duty) so far, but work continues to elaborate a new mechanism for setting it,” the official said adding that the products duty would come into force from mid-October.
Last month, the government had increased the duty on exports of all types of refined products  to $45.4 per tonne from the previous $37.50.