Kazakhstan’s Government raises export duty on petroleum products

Kazakhstan’s Government has raised export duty on petroleum products, Novosti Kazakhstan reports. Respective decree was signed by PM Karim Massimov September 5 and published in the national press September 17. The new export duty rate comes into effect September 27. According to the decree, the new export duty rate for light petroleum products shall be $143.54 per ton (the current rate is $114.05 per ton), with the rate for heavy petroleum products standing at $95.69 per ton (the current rate is $76.03 per ton). Export duty on crude oil remains at $40 per ton. The previous rate (before January 1) stood at $ 20 per ton. According to Finance Ministry, in 2011 Kazakhstan expects to get KZT 421.4 billion ($ 2.8 billion) from introducing the exports duty. For the H1 2011 the state budget revenues paid in the form of export duty on crude made up $1.67 billion, Vice Finance Minister Ruslan Dalenov wrote in his Twitter account July 22. Currently Kazakhstan is facing fuel shortages and fuel price hikes. The Oil and Gas Ministry along with the State Agency for Monopolies Control have repeatedly stated that measures will be taken to stabilize the fuel market.