Russia keeps export duty on sunflower oil at zero in October

Published Sep 25, 2024

Tridge summary

The Russian Ministry of Agriculture has announced that the export duty on sunflower oil will remain at zero in October 2024, continuing from the previous month, a policy first implemented in June 2023. In contrast, the export duty on sunflower meal will rise to 2,927.6 rubles per ton in October 2024, up from 2,880.7 rubles in September. These duties are based on indicative prices, with the sunflower oil duty calculated as 70% of the difference between the base price and the indicative price. The Russian government has extended these export duties on sunflower oil and meal until August 31, 2024.

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Original content

The duty on sunflower oil exports from Russia in October 2024 will be zero, as it was a month earlier, according to the Russian Ministry of Agriculture. A zero duty on sunflower oil was set in June 2023 for the first time since February 2023. At the same time, the duty on sunflower meal exports in October 2024 will be increased to 2,927.6 rubles per ton, compared to 2,880.7 rubles in September. The duty on oil is calculated based on the indicative price of $862.2 per ton ($823.6 a month earlier), and on meal - $217.4 ($222.3 a month earlier). A floating export duty on sunflower oil in the amount of 70% is levied on the difference between the base price and the indicative price (the arithmetic average of market prices for the ...

Source: Milknews