Belarus plans to eliminate export taxes on petroleum products.
Petroleum Product Export Duties Slashed to Zero in Belarus
Bye-bye, export taxes on oil-based goods! The Belarusian government, on May 31, introduced a game-changer decree - Decree No. 245. This decree tilted the scale towards zero export customs duties on all petroleum products[1].
Starting June 1, the goodbye party was thrown for export duties on oil derivatives bound for territories outside the EAEU customs territory. Farewell, my dear, to the days of shelling out $0.9 per ton for liquefied hydrocarbon gases and $0.8 per ton for ethane, butane, and isobutane[2].
Belarus has given the cold shoulder to export duties on several other petroleum products too. No more taxes on crude oil, straight-run gasoline, propylene trimers and tetramers, light and medium distillates, diesel fuel, commercial gasoline, benzene, toluene, xylenes, fuel oil, lubricating oils, waste oil products, vaseline and paraffin, petroleum coke, and petroleum bitumen[3].
But here's a fascinating twist in the tale. Duties on hydrocarbon gases in Belarus were raised in March and April, only to be significantly reduced in May - months before the decree was implemented[5]. Now that's what you call forward-thinking planning!
This move reflects Belarus's broader economic strategy, as it has previously opted to axe oil export duties altogether[4]. The official announcement of Decree No. 245 has yet to make waves in search results, but one thing's certain: Belarus is sending a bold statement by eliminating export duties on several critical petroleum products.
Sources:
- Belarus Eliminates Export Duties on Certain Petroleum Products Starting June 1
- Belarus Cuts Oil Export Duties to Zero
- Comprehensive Review of Belarus's Updated Export Duties on Petroleum Products
- Belarus to eliminated oil export duties entirely
- Belarus's Surprising Move: Multiple Hydrocarbon Gas Duty adjustments before Decree No. 245
In light of Decree No. 245, the Belarusian government has abolished export duties on various petroleum products, including crude oil, light and medium distillates, diesel fuel, and several others, starting June 1. This decision signifies Belarus's goal of fostering growth in the energy and finance sectors, as well as the broader industrial sector, by reducing the cost of exporting petroleum products.
