Energy Ministry cuts excise duty on petrol for third decade of July by EUR 26.5 per tonne

The Energy and Coal Industry Ministry of Ukraine has adjusted excise duty on petrol and diesel fuel downward for the third decade of July, particularly the rate for petrol was reduced by EUR 26.48 per tonne, to EUR 206.56 per tonne.

According to the ministry, excise duty on diesel fuel was cut by EUR 6.62 per tonne, to EUR 100.14 per tonne.

The ministry said these calculations were based on the average price of Brent oil in the previous decade (the second decade of July), which amounted to $103.63 per barrel.

The average price of oil in the first ten days of June was $99.24 per barrel, that in the second decade - $96.15 per barrel, and in the third decade - $90.83 per barrel. In the first decade of July, the price was $99.27 per barrel.

As reported, in keeping with the law passed on May 15 on the floating excise rate on fuel, the excise rate which were effective at that moment are taken as reference ones until the end of 2012. Every 10 days they will be either increased or decreased by an adjusting sum depending on the average price of Brent oil (DTD) on the ICE for the previous 10 days, however, the sum should not exceed 50% of the reference rate.