Oil and gas budget revenues in March increased by 40% and amounted to 1.308 trillion rubles

Oil and gas revenues of the federal budget in March exceeded those in February by almost 40% and amounted to 1.308 trillion rubles. Thus, for the second month in a row they exceeded the monthly base level (for March – 983 billion rubles). Let us remind you that the base level from this year is determined from the oil cut-off price of $60 per barrel.

This jump in fees is of a calendar nature: the entire increase came from additional income tax revenues – AIT, which oil workers pay not monthly, but four times a year. Its amount in March amounted to 587.5 billion rubles.

Collections of the main oil and gas tax, the mineral extraction tax on oil, in March compared to February decreased by 219 billion and amounted to 803 billion rubles. At the same time, in February the Urals grade (companies calculate taxes based on the price of oil and the ruble exchange rate in the previous month) was more expensive than in January – an average of $68.3 versus $64.1. At the same time, according to the Central Bank, the ruble weakened insignificantly – from an average of 89 rubles/$ in January to 91.6 rubles/$ in February. So the reason for the reduction in the mineral extraction tax was not these indicators, but legislative changes. According to the amendment to the Tax Code, in January 2024, an increased mineral extraction tax rate on oil was 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. In February there was no such addition to the tax rate, and its March revenues decreased.

In addition, the total amount of oil and gas revenues in March was slightly reduced by payments to oil workers for fuel dampers – they increased from February 128 billion to 164 billion rubles. Expenses on subsidies to oil refiners remained almost at the same level – 132 billion versus 133 billion rubles.

As the Treasury expects additional oil and gas revenues in April, it also announced purchases of foreign currency and gold for reserves on Wednesday. According to the department, 235.3 billion rubles will be allocated for such operations from April 5 to May 7. (11.2 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 will continue to sell currency on the market – in an insignificant amount, 0.6 billion rubles. in a day.

Vadim Visloguzov