Source: Oleoscope (Russia)
The Russian Ministry of Agriculture announced new duty rates for sunflower oil and sunflower meal exports for January 2025.
Duty on sunflower oil increased by 6,872 rubles and amounted to 16,067 rubles (9,195 rubles earlier), increasing 1, 7 times.
The indicative price amounted to $1027.5 ($954.7 earlier). Recall that the amount of duties is calculated by 70% of the difference between the base price ( RUB 82,500 per ton) and the indicative price as an arithmetic average of market prices for the month.
The rate for meal increased to RUB 4,771 from RUB 3,788 previously. The indicative price amounted to $221 vs. $212 in December. The base export price for duty calculation was kept at 15,875 rubles per ton.
In August 2024, these duties were extended for two years at once – until September 1, 2026.
Earlier, Mikhail Maltsev said that sunflower oil prices in Russia will inevitably decline due to the growth of export duties. “Even the growth of the ruble exchange rate, observed recently, will not be able to change the downward trend, since the higher the exchange rate, the higher the duty,” the report explained.