Oil and gas budget revenues in February amounted to 946 billion rubles.

Oil and gas revenues of the federal budget in February exceeded the monthly baseline level (828 billion rubles) and amounted to 946 billion rubles. This happened after two months of “shortfall” – in December and January. Let us remind you that the base level is determined from the oil cut-off price of $60 per barrel.

In January, the URALS grade (companies calculate taxes based on the price of oil and the ruble exchange rate in the previous month) cost an average of $65. This is slightly more than December’s $63.5 per barrel. At the same time, according to the Central Bank, the ruble strengthened from an average of 90.8 rubles/$ in December to 89 rubles/$ in January – which should have slightly reduced the mineral extraction tax base.

However, February oil and gas revenues showed a significant increase – plus 40% compared to January, when 675 billion rubles were collected. The increase was ensured by collections of the main oil and gas tax, the mineral extraction tax on oil, which increased to 1.022 trillion rubles. from 716 billion rubles, or 43% (let us explain that the collections of a single mineral extraction tax are greater than total oil and gas revenues, because the total amount is reduced by refund payments to oil workers from the budget). Such expenses for subsidies to oil refiners increased in February to 133 billion from 111 billion rubles, but payments for fuel dampers decreased by a comparable amount – from 147 billion to 128 billion rubles.

The reason for the increase in fees was the next “situational” legislative changes. In November 2023, an amendment was made to the chapter of the Tax Code on mineral extraction tax that in January 2024 an increased oil production tax rate would be in effect – this was done to compensate for budget losses caused by the government’s not entirely successful manipulations with the fuel damper last fall. (the subsidy to companies was then first cut and then returned in the same amount).

As the Treasury expects additional oil and gas revenues in March, it also announced purchases of foreign currency and gold for reserves on Tuesday. According to the department, 93.7 billion rubles will be allocated for such operations from March 7 to April 4. (4.7 billion rubles daily). However, taking into account the sales previously announced by the Bank of Russia to mirror expenses from the National Welfare Fund in the amount of 11.8 billion rubles. per day, as a result, during this period the regulator will not buy, but sell currency on the market – in the amount of 7.1 billion rubles. in a day.

Vadim Visloguzov