Prime Minister Vladimir Putin has signed an order reducing oil export duty from the current $271 to $267 per metric ton from January 1, the government announced Thursday on its website.

Duty on light petroleum products will fall to $192.2 per ton from the current $194.9 per ton, and duty on heavy petroleum products to $103.5 per metric ton from the current $105 per metric ton.

In April, with oil prices at around $40 per barrel, Russian oil export duty was $110 per ton, but with the exception of November it has increased every month since, including a $40 jump in December.

Last year, the government moved from a bimonthly to a monthly duty adjustment procedure to respond more swiftly to changes in world oil prices.

MOSCOW, December 31 (RIA Novosti)