Russia hikes oil duties by 25 percent: official


July 15, 2010 Updated Jun 15, 2009 at 3:01 AM CDT

Russia said it would increase its duties on oil exports by over 25 percent from July, its latest hike amid swelling crude prices.

The export duty on one tonne of oil would rise to 212.6 dollars a tonne from 152.8 dollars effective from July 1, the head of customs payments at the finance ministry, Alexander Sakovich, told the Interfax news agency.

Russia had last year started slashing the duties paid by oil firms on oil exports as crude prices plummeted to historic lows but has now increased them as oil prices start to recover.

Oil prices soared above 73 dollars a barrel last week, hitting a 2009 peak of 73.23 dollars on Thursday -- their highest level since October.

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