Adobe Stock
Adobe Stock

The export duty on sunflower oil in Russia is set to increase by US$152.80/tonne – or 41% – to US$525/tonne from 1 June, AgriCensus reported local media as quoting the country’s Ministry of Agriculture as saying.

According to the 4 May report, the duty was based on a floating index that valued ​​sunflower oil at US$1,750/tonne.

The export duty on sunflower meal from would increase by 9% to US$105/tonne, the report said.

Both fees would be in place until the publication of an update, AgriCensus wrote.

The latest measures followed the Russian government’s introduction of controls on sunflower oil exports last March in a bid to control climbing domestic prices, the report said, with the export duty set at 70% and charged on the difference between the base price and the indicative price. This mechanism will operate until August.

From 15 April, the Russian government had also introduced export quotas of 1.5M tonnes for sunflower oil and 700,000 tonnes for sunflower meal, AgriCensus wrote.