MOSCOW, 15 Sep — PRIME. The Ministry of Finance of the Russian Federation does not plan to change the fuel damper this year, it will return to the issue after the entry into force of the EU embargo on Russian oil products, State Secretary, Deputy Minister of Finance of Russia Alexei Sazanov said in an interview with RIA Novosti at the Moscow Financial Forum.
“We are not planning any additional changes to the damper this year. We will need to return to this issue in January next year, when the embargo on Russian oil products comes into force, and then we will assess how the situation on the fuel market is developing,” the deputy minister said, answering to the question whether it is planned to adjust the fuel damper mechanism this year.
The new fuel damper parameters were adopted in July as an anti-crisis measure for four months: from September to December 2022. The law specifies the formula for calculating the damper for gasoline in such a way that the discount provided for the export of Russian oil is taken into account, Sazanov explained earlier. This adjustment will result in lower payments to oil companies.
The decision to adjust the parameters of the damping mechanism was made at the beginning of 2022 against the background of the macroeconomic situation: due to the ruble exchange rate and rising oil prices, it is more profitable for oil companies to export fuel, which put pressure on prices for consumers in Russia.
The damping mechanism was created to contain fuel prices in the domestic market in Russia. In general terms, if the export price of gasoline and diesel fuel is higher than the conditional domestic Russian price, then the state compensates oil companies for part of this difference so that they do not raise prices in the Russian Federation. And if Russian prices are higher than export prices, then the oilmen share with the state a part of their “surplus profits” from domestic sales of fuel.
RIA Novosti acted as the media partner of the forum.
Read the full text of the interview on the website of the Prime agency (Russia Today media group) 1prime.ru.