June 11, 2019 / 4:30 PM / 13 days ago

Russia plans to raise mineral extraction tax for oil firms from Sept

MOSCOW, June 11 (Reuters) - Russia’s finance ministry has proposed an increase in the country’s mineral extraction tax for oil production, Alexei Sazanov, the head of the tax department in the ministry, told Reuters on Tuesday.

He said the increase of 113 roubles ($1.75) per tonne was expected to take effect from Sept. 1.

At the same time, he said the ministry would increase compensation for producers of gasoline and diesel in relation to capping of domestic oil prices. He also said the increase in the mineral extraction tax should compensate the state budget for these payments.

$1 = 64.5600 roubles Reporting by Darya Korsunskaya and Maxim Nazarov; writing by Vladimir Soldatkin. Editing by Jane Merriman

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