Russia is lifting export duties on sunflower oil and reducing the rate on meal: new measures to support the industry.

In June of the current year, the Ministry of Agriculture of the Russian Federation presented calculations according to which the export of sunflower oil from the country will be exempt from duties. This mechanism has been in effect for the thirteenth consecutive month, which is an indispensable positive factor for the industry.

Simultaneously with these changes, the duty rate on sunflower meal will be reduced by 42.6% to 901.3 rubles per ton in June of the current year. At the same time, these changes in the duty rate do not affect sunflower oil.

As before, the calculation of duties is based on indicative prices. Thus, the average price of oil is $773.3 per ton, which is slightly lower than the previous month ($773.8). The price of meal has also decreased to $198.6 per ton ($199.5 in the previous month).

It is important to note that as of September 1, 2023, the base price for calculating the duty on meal was increased by 2,000 rubles to 15,875 rubles per ton. At the same time, the base price for calculating the duty on oil remained unchanged at 82,500 rubles per ton.

Calculations of the export duties on oil and meal have been conducted in rubles since July 2022. Taking these changes into account, the duty on sunflower oil amounts to 70% of the difference between the base price and the indicative market price in the current month. Similarly, the export duty on sunflower meal is calculated using a formula where the difference between the indicative price and the base price is multiplied by a correction factor of 0.7.