According to WPB, Kazakhstan made a downward tariff revision on export tariffs imposed on oil and certain petroleum products, setting the new rate at 70 USD per ton against the previous month's 73 USD per ton. The alteration was reported by the State Revenue Committee, which oversees the process and implements the fixed calculation method.
The mechanism of computation for oil export duty is a formula: EDR = Avg × K, where Avg represents the average world price of oil for the base period and K is a constant correction factor of 1. Recent observation revealed that the arithmetic mean of KEBCO and Brent oil prices from July 20 to August 20 amounted to 70 USD per barrel and served as the reference for the new duty rate.
In accordance with this calculation model, the duty on light petroleum products correlates with the oil export duty for the month using the same correction coefficient. Other groups of ad valorem duties remain like this: 30 USD per ton on fuel oil, 60 USD per ton on vacuum gas oil (VGO), and zero on liquefied petroleum gas (LPG).
In addition, the bitumen tax rate remains the same at 60 USD per ton during the summer months between June 1 and September 30, and it is altered to 15 euros per ton from October 1 to May 31. Export duties on gas oils and other liquid fuels remain directly correlated with the rate of oil duty to keep similar product groups equal.
This realignment is a continuation of Kazakhstan's policy of adapting tariff policy to the evolving trend in international oil prices, within a diversified petroleum derivatives framework.
By Bitumenmag
Bitumen, Petroleum, Oil, Crude
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