the head of the Federal Antimonopoly service (FAS) of Russia Igor Artemyev considers it appropriate to Refine the mechanism of the damper in the oil industry of the Russian Federation. He stated this in an interview with MK.
“When the price of oil on the world market increases, the damper inhibits the growth of prices in the domestic market. When the price falls, the government therefore reduces excise duty for Russian oil refineries, so they are not bankrupt,” — said the head of FAS.
At the same time, he acknowledged, “the damper is not universal”. “When prices at the exchanges grow, the amount that small companies not included in the vertically integrated oil companies, strongly sags. Therefore from the point of view of taxation required additions. In other words, the damper needs to “tighten”. Then we can expect the stabilization of the price tags at the gas station,” — said Artemyev.
Recall that the mechanism of the reverse excise (damper) oil operates in Russia since 1 January 2019. It should neutralize the negative effect of the abolition of export duties on refining margins. The purpose of the damping mechanism to stabilize prices for gasoline and diesel fuel on the domestic market. Under this mechanism, the oil companies pay to the state, if the internal market becomes a premium, and therefore can not reduce prices at the gas station. If the internal market is a discount compared to the exports, the budget pays companies to not raise prices.
Experts believe that the damper was not designed for such a low price and needs to be adjusted, although this will lead to lower revenues. However, the Finance Ministry told the publication that now this is not an option.
In early June, Minister of energy of Russia Alexander Novak assured that the Russian market is supplied with fuel in full, and there are no preconditions to ensure that the prices at gas stations rose above inflation. “The current regulatory mechanism in this part of the presentRoen so that prices did not rise above the level of inflation. And prerequisites for today for this (price rise — ed.) no. Yet on the contrary, the company paid to the budget (in the framework of the damper — ed.). In principle, if to take the dynamics of prices at gas stations, for diesel fuel it is below inflation, in gasoline — about zero,” — said “Interfax” the Minister.
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