Russia to cut oil export duty to $119 per ton from January 1

MOSCOW, December 30 (RIA Novosti) - The Russian prime minister signed a resolution on cutting oil export duty further down to $119.1 per ton from January 1 amid declining world oil prices, the government's press office said on Tuesday.

Vladimir Putin signed the resolution last Thursday, the press office said.

The Russian government decided to set export duties on oil and oil products on a monthly basis from December 1, abandoning the previously accepted bimonthly practice.

From January 1, the duty on light petroleum products will total $92.6 per ton against the current $141.8 per ton and on heavy petroleum products $49.9 per ton against the current $76.4 per ton.

The export duty on oil is currently $192.1 per ton.