Volga Baikal AGRO NEWS Update on the Sunflower Oil Duties Situation !!!
From October 01, the duty on the export of sunflower oil from Russia went up to $227.2 per ton. It is calculated based on the indicative price of $1.3 thousand/ton (September price — $1.24 thousand/ton). Market experts talk about the quiet transition of the industry to a new regulatory mechanism and do not rule out new strategies for purchasing raw materials, as well as changes in the data source for determining indicative prices (Interfax).
Floating duty on sunflower oil exports was introduced in Russia from September 01. Its size is 70% of the difference between the base price ($ 1 thousand per ton) and the indicative price, reduced by the amount of the correction factor ($50 per 1 ton). The mechanism of the “sunflower damper” will be in effect until August 31, 2022.
The introduction of a floating duty on sunflower oil exports from September 01 this year will replenish the budget by 37.5 billion rubles in 2022.