Russia may cut gasoline export duty

February 7, 2014

Russia’s Finance Ministry has suggested reducing the gasoline export duty gradually to 87% in 2017 from the current of 90% of the oil export duty rate, a source familiar with the matter told Prime on February 6.

The source said that gasoline duty was raised temporarily, and if changes take place, they will happen in the coming three years.

A Finance Ministry source said that no draft amendments to the existing law have been presented by the Energy Ministry for consideration so far.

The ministry source said that the Finance Ministry is unlikely to support the reduction earlier, because the budget for the next three years stipulates the receipt of revenues from a 90% duty. The decrease will result in a budget revenue shortfall and require sources to cover the gap, the source said.

Copyright: Prime, 2014