From 1 March 2022, Russia’s export duty on sunflower oil will increase. Since 1 February 2022, the export duty has been $251.40. Its size for next month will be $260.10 per tonne. This was reported on the website of the Ministry of Agriculture of the Russian Federation.
The new duty will be calculated based on a benchmark price of $1,371.70 per tonne (February – based on the price of $1,359.20, January – $1,401.20, December – $1,395.40, November – $1,277.90, October – $1,324.70, September – $1,242.80 per tonne).
The Ministry of Agriculture monitors prices
A floating export duty of 70 per cent on oil will be in force in Russia from the beginning of autumn 2021 until the end of summer 2022.
It will be calculated from the difference between the base price ($1 thousand per tonne) and the target price (the arithmetic average of market prices for the month), reduced by the amount of the correction factor ($50 per 1 tonne).
The source of information for monitoring is the daily data published by Refinitiv SA on sunflower oil (Sunflower Oil NWE Ex-Tank 6 Ports Position 1 Quota) in dollars per tonne.