MOSCOW, October 1 (RIA Novosti) - Russia's crude oil export duty is down by almost 25%, from $485.8 to $372.2 per metric ton, as of Wednesday.

Prime Minister Vladimir Putin signed off on the cabinet's September 19 decision to reduce crude export duty, made in the wake of a sharp decline in oil prices in September.

Export duty for light oil products was fixed at $263.1 per ton, and at $141.7 for heavy petroleum products.

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.

Alexander Sakovich, deputy head of the ministry's customs payment department, earlier said the average crude price was $97.297 per barrel for September 1-17.

Finance Minister Alexei Kudrin estimated that the October 1 cut in crude export duty would save Russian oil companies and refineries a total of $5.5 billion.