Russia lowers sunoil export duty by 85% to $143.4/mt in September

Russia’s Ministry of Agriculture has lowered the expected export duty on sunflower oil from September 1 to 85% below the August level, coinciding with the start of the new 2022/23 season, according to the ministry’s official website.

The ministry set a tax on sunflower oil exports in September of RUB8.621.3/mt, equivalent to $143.4/mt, which is almost two times lower than the August level.

The September tax is based on an indicative price of $1,583.0/mt, down $250.30/mt from the August level, the ministry said.

This tax will remain in effect until a new update is published.

In July 2022, the Russian government changed the export duty formula and introduced a new duty in rubles after a sharp fall in the ruble exchange rate against other currencies, with the introduction of a new base and exchange rate.

It also changed the publication date for the duty from the 15th of the month to the 25th of the month.

The move was meant to help exporters be more competitive on international markets.