Russian government to lower export duty on oil products starting October 1

The Russian Cabinet of Ministers announced yesterday it will decrease the export duty on oil products, starting October 1. The export duty on gasoline will be decreased from USD 372.2/mt to USD 263.1/mt, and on fuel oil – from USD 183/mt to USD 141.7/mt. According to Kommersant-Ukraine, citing Naftokhimik Prykarpattya’s (NAFP: N/R) press-office, the upcoming decrease in prices for Russian oil puts domestic oil refineries in a tight position: they cannot rival their Russian peers by lowering their prices due to their currently low levels of profitability.