The export duty on Russian sunflower oil will rise to $227.2 from 1 October. This was reported by the Russian Ministry of Agriculture.

The increase is due to an increase in the indicative price of $1,324.7 per tonne. We would remind you that a floating duty on the export of sunflower oil has been introduced in Russia since September 1. Its size will be 70% of the difference between the base price ($1,000 per ton) and the indicative price (an arithmetic average of the market prices for the month), reduced by the size of the adjusting factor ($50 per ton).

In September, it will amount to $169.9 per ton - a calculation based on the indicative price of $1242.8 per ton.

It should be noted that the indicative price is set by the Russian Ministry of Agriculture on the basis of constant market monitoring.

According to the Federal Customs Service, the country exported 8.1 million tons of oil and fat products in 2020 - 12% more than a year earlier. In price terms, supplies increased by 22%, to $5 billion. Sunflower oil was the driver of growth - export volumes amounted to 3.7 million tons (19% growth) for $2.8 billion (28% growth).

In April this year, a decision was made to impose an export duty on these types of goods.

Made in Russia / Made in Russia

Author: Maria Buzanakova