Damper payments to Russian oil companies in 2023 reached 1.1 trillion rubles
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The total amount of payments to oil companies for containing gasoline prices (damper payments) reached 1.1 trillion rubles at the end of nine months of 2023, which is 38% less than what was paid for the same period in 2022. In September, payments for the damper amounted to 298.7 billion rubles, it follows from datapublished by the Ministry of Finance of the Russian Federation.
The essence of the damper is that the budget compensates oil companies for part of the difference between the export price of fuel and the fixed indicative domestic price. Moreover, if the average monthly indices in the European part of Russia for AI-92 and diesel fuel deviate from the indicative values by more than 10% for gasoline and 20% for diesel fuel, oil companies will lose damper payments.
On September 21, the Russian government, after a long period of rising prices for petroleum products in wholesale and a subsequent increase in prices in retail banned export gasoline and diesel fuel. An exception is exports to the EAEU countries according to indicative balances or protocols, intergovernmental agreements. Also, since September, budget payments to refineries have been halved by adding a coefficient of 0.5 to the damper formula. However, as it became known to Kommersantthe total refusal to export petroleum products can be adjusted.
As additional measures to stabilize wholesale prices for petroleum products, the government is discussing increasing the reduction factor introduced in September from 0.5 to 0.8–1, which will increase compensation for oil workers. According to one of Kommersant’s interlocutors, the new damper is planned to be launched in November.
More details in the material “Fuel masters defense mechanisms”.
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