Russia’s oil export duty is expected to fall 24% month-on-month in March to the level of $39.5 per ton due to declining oil price, down from $52 per ton from the period between mid January to mid February, Reuters informed citing data published by the Russian Finance Ministry. The calculation formula is based on tax maneuver in the oil industry valid as of February 2015.

Export duty on light oil products will amount to $15.8 per ton, on dark oil products to $32.3, while the export duty on commercial gasoline and naphta will drop to $24 and $28 per ton, respectively. The duty on liquefied petroleum gas (LPG) will remain at zero, and so will the preferential oil export duty for a number of oil fields in Eastern Siberia, the Caspian fields, and the Prirazlomoye deposit, TASS, the Russian News Agency reported.