Export duties on Russian sunflower oil in June will again be zero, will decrease 35.4% on meal - Agriculture Ministry

MOSCOW. May 24 (Interfax) - The duty on the export of sunflower oil from Russia will be zero in June. The Ministry of Agriculture presented this calculation.

Thus, the zero duty will reach zero level within a year.

The duty on sunflower meal will decrease 35.4%, to 1,544.3 rubles from 2,389.6 rubles in May.

Indicative prices, which serve as the basis for calculating duties, were $773.8 per tonne for oil ($766.7 a month ago), and $199.5 for meal ($205.9 a month ago).

The base price for calculating the duty on meal was increased 2,000 rubles on September 1 2023 to 15,875 rubles per tonne; for oil, it did not change and is still 82,500 rubles per tonne.

Duties on oil and meal have been calculated in rubles since July 2022. The duty on sunflower oil is 70% of the difference between the base price (82,500 rubles per tonne) and the indicative price (the arithmetic average of market prices for the month). The export duty on sunflower meal is calculated as the difference between the indicative price (the arithmetic average of market prices for the month) and the base price (15,875 rubles per tonne), multiplied by an adjustment factor (0.7).