The customs duty on the export of Russian sunflower oil will be reduced to zero in June compared to 1122.2 RUR/t in effect in May, the Ministry of Agriculture of the Russian Federation announced.
Thus, the specified duty will be zero for the first time, starting from February of this year.
Also, the export duty on sunflower meal will be reduced in June – to 5011.8 RUR/t compared to 6577.7 RUR/t in May. The reduction will take place for the first time since December 2022.
Indicative prices, based on which the duty was calculated, were: 940 USD/t (1030.7 USD/t in May) for oil, and 262.4 (285.2) USD/t for meal.
It should be noted that from July 2022, the duty is calculated in rubles, and not in US dollars, as before. The size of the duty on sunflower oil is 70% of the difference between the base price and the indicative price (arithmetic average of market prices for the month). The export duty on sunflower meal is calculated according to the formula as the difference between the indicative price (arithmetic average of market prices for the month) and the base price, multiplied by the value of the correction factor (0.7).