Russia is lowering oil export duty on its Urals blend from the current $270.7 to $253.7 per metric ton from March 1, following trends on global oil markets.

Alexander Sakovich, head of the ministry's consolidated analysis department, earlier said the average oil price was $72.31 per barrel from January 15 to February 14.

Export oil duty from March 1 will therefore equal $253.7 per metric ton, duty on light petroleum products will fall to $183.2 per ton from the current $194.7 per ton, and duty on heavy petroleum products to $98.7 per metric ton from the current $104.9 per metric ton.

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, March 1 (RIA Novosti) -