Starting from November 1, the export duty on sunflower oil will be reduced from 227.2 USD/t acting in October to 194.5 USD/t in Russia, informs the website of the Agricultural Ministry.
The downward correction is based on the decline of the indicative price of the product from 1324.7 USD/t to 1277.9 USD/t.
A decree of Russian government No546 as of April 6, 2021 implemented a damper mechanism on sunflower oil export that provided for the imposition of the floating export duty in the amount of 70% for the period from September 1, 2021 to August 31, 2022. The duty to be charged from the difference between the basic price (1000 USD/t) and the indicative price (arithmetical average of market prices per month) reduced by the size of the adjusting factor (50 USD/t).
The Ministry of Agriculture reviews the rate of the duty on a monthly basis. The decision applies to sunflower oil exported from Russia outside the EAEU.