Russia has raised the crude export duty to $460.7 per ton from $411.2, the government website announced on Friday, March 23, RIA Novosti reported.

The decree, signed by Prime Minister Vladimir Putin, takes effect on April 1.

The gasoline export tax will rise to $414.6 per ton from $370.1 in March.

The Russian government hopes to stimulate oil companies to refine their entire oil production at domestic refineries.