Russia's export duty on sunflower oil to fall 47.7% to 9,300 rubles per tonne in March- AgMin

MOSCOW. Feb 25 (Interfax) - The export duty on Russian sunflower oil will fall 47.7% from 17,786.4 rubles per tonne in February to 9,333.2 rubles per tonne in March, the Russian Agriculture Ministry said.

The export duty for sunflower meal will fall more than half, to 1,742.3 rubles from 3,888.7 rubles per tonne.

The duties are based on indicative prices of $1,065.1 per tonne for sunflower oil versus $1,068.5 per tonne the previous month, and $204.1 per tonne for sunflower meal against $212.2 per tonne.

The baseline price for calculating the duty on sunflower meal increased by 2,000 rubles to 15,875 rubles per tonne as of September 1, 2023, while the duty on sunflower oil remained 82,500 rubles per tonne.

Duties have been calculated in rubles since July 2022 rather than in dollars as previously. The duty on sunflower oil is 70% of the difference between the baseline price of 82,500 rubles per tonne and the indicative price, which is the average market price for the month. The export duty for sunflower meal is calculated using a formula that is the difference between the indicative price and the baseline price of 15,875 rubles per tonne, multiplied by an adjustment factor of 0.7.

The duties were extended for two years in August 2024, until September 1, 2026.