Russia (bbabo.net), - The bill on adjusting the damping mechanism to curb the rise in prices for motor fuels in the domestic market has been approved by the Government. This was announced by the Secretary of State - Deputy Minister of Finance Alexei Sazanov.
According to Sazanov, the decision was made in order to keep retail prices for gasoline and diesel within inflation, as in the current macroeconomic conditions, due to the ratio of the ruble exchange rate and rising oil prices, exports are more attractive for oil companies, which put pressure on prices. for consumers in the Russian market.
The damping mechanism (damper) makes it possible to keep wholesale prices for automotive fuel significantly lower than European ones. It is calculated from the base (indicative) prices set by the state and compensates oil companies from the budget for part of the lost profits from exports when they supply gasoline and diesel to the domestic market. Accordingly, this constrains the growth of retail prices at filling stations. Now the damper returns 65-68% of the lost profit.
The bill increases the amount of compensation to oil companies for the difference between the export and indicative price of fuel - from 68% to 83% for gasoline and from 65% to 83% for diesel.
Increasing the compensation ratio to 83% is sufficient to form an optimal ratio between export parity prices, which oil companies are guided by, and sales prices in the wholesale segment. Thus, exhaustive economic incentives will be created to reorient the necessary supplies to the domestic market, Sazanov noted.
At the same time, the permissible level of excess of the average wholesale price of diesel fuel over its base price established by the state is reduced from 20% to 15%. If the price is above this level, the damping allowance is reset to zero.
Due to the increase in compensation payments from the state, oil companies will be able to set selling prices, which should ensure that the dynamics of prices at gas stations for motorists remain within the inflation range in 2022-2024, according to the Ministry of Finance.
The total amount of budget expenditures for the proposed adjustments to the damper will amount to 650.7 billion rubles for the period 2022-2024 if they come into force on April 1 of this year (calculations at an oil price of $80 per barrel and an exchange rate of 74 rubles per dollar).
At the same time, the Ministry of Finance provided for partial compensation (about 50%) of budget expenditures by adjusting the mineral extraction tax (MET). This is in line with the task of maintaining the stability of budget revenues for the fulfillment of all expenditure obligations of the state, including social ones, Sazanov emphasizes.
MET is paid by oil companies based on gross oil production. The tax is calculated in rubles at the exchange rate against the dollar, relative to the export quotations of Russian Urals oil in dollars.
bbabo.Net