MOSCOW, November 1 (RIA Novosti) - The average price for the benchmark Urals blend, Russia's major crude for export, was $70.5 per barrel on global markets in October 2008, down 11% year-on-year, a senior Finance Ministry official said on Saturday.

"The average oil price was $104.9 per barrel in the first 10 months of 2008 against $65.6 per barrel in January-October 2007," said Alexander Sakovich, deputy head of the customs payment unit at the ministry's customs and tariff policy department.

According to the economics ministry, Urals blend oil prices hit a peak of $140.7 per barrel in mid-July.

Budget revenues for 2008 are based on an average price of $92 per barrel.

Sakovich said even if the average oil price fell to $30 per barrel by the end of the year, the average annual price would be around $92.4 in 2008.

The government adjusts export duty on crude and petroleum products every two months, depending on the price for the Russian benchmark Urals blend on world markets.