Monetary layer – Newspaper Kommersant No. 244 (7445) dated 12/30/2022
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According to Kommersant, damping payments to oil companies in 2022 will amount to about 2.2 trillion rubles. At the same time, in December, due to the negative damper for gasoline, oil companies will receive the minimum payments this year in the amount of about 60 billion rubles. The gasoline damper in December for the first time since 2020 fell into the negative zone, and oil companies will pay about 10 billion rubles to the budget on it. The Ministry of Finance assures that they are not yet considering new adjustments to the damper.
According to the results of December, oil companies will receive the smallest damper payments this year due to the negative value of gasoline. So, according to Kommersant sources, the gasoline damper in December will drop to minus 3.7 thousand rubles. per ton, the damper for diesel fuel will be about 15.5 thousand rubles. per ton. Thus, oil companies can pay about 10 billion rubles to the budget for a gasoline damper, but about 70 billion rubles. will receive in the form of payments for diesel fuel, as a result, the total damper for December will be approximately 60 billion rubles. Kommersant reported at the beginning of the month that the gasoline damper would enter the negative zone by the end of December (see issue dated December 7).
The damper mechanism is designed to encourage refineries to supply fuel to the domestic market, for which they are compensated as part of the difference between the export price and the indicative price of the domestic market. If this difference is negative, that is, domestic prices are higher than export prices, then the oil companies have to pay the budget. Despite the increase in prices for petroleum products in Europe this year, the wholesale cost of fuel in the domestic market of the Russian Federation was at record lows due to problems with exports caused by sanctions.
This year, oil companies will receive the highest ever payouts for the damper, which was introduced in 2019. According to the Ministry of Finance, for 11 months of the year the budget paid oil companies about 2.077 trillion rubles. For the whole of 2022, compensation will amount to about 2.15 trillion rubles. against 670 billion rubles. at the end of last year. At the same time, oilmen received more than 20% of all payments under the damper for the year in March against the backdrop of the devaluation of the ruble and high oil prices.
The last time the gasoline damper was in the negative zone exactly two years ago – in December 2020, recalls Maria Arie from Petromarket. Such dynamics of the damper is due to a simultaneous decrease in the cost of the product in North-West Europe and an increase in the discount in the price of Urals relative to Brent (it has been taken into account in the damper formula since September), Ms. Arye explains: the average monthly price of gasoline in the European market in December was almost $140 per ton lower the average November price, and the average discount of Urals to Brent in the current month exceeds the November figure by more than $40 per ton. As a result, she said, in December compared to November, the indicative export price of gasoline (the key variable in the damper formula) is expected to fall sharply below the level of the domestic market base price, as a result, the damper will go into negative territory.
The Ministry of Finance declined to comment on the final values of the damper. “In the summer, the damper mechanism for gasoline was adjusted, which involves taking into account the discount formed on the supply of Russian petroleum products for the period from September to December 2022 inclusive. The measure proved to be effective, in November No. 443-FZ was signed, providing for the preservation of the adjusted damper mechanism for the period 2023-2025, ”the ministry told Kommersant. They added that they do not plan to further adjust the damper.
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