Oilmen in August received almost 186 billion rubles for a damper from the budget

Payments to Russian refineries from the budget under the damper mechanism in August became the highest since July last year and amounted to 185.9 billion rubles, follows from data Ministry of Finance.

In July 2023 oilmen got RUB 110.4 billion Thus, payments increased by 68.4% over the month. In annual terms, the indicator increased by 7.2%.

The main purpose of the damping mechanism is to curb the growth of prices for motor fuel within Russia: at higher export prices for petroleum products compared to conditional domestic refineries, they receive payments from the budget. This allows companies to compensate for lost profits and continue to supply fuel to the domestic market. In the opposite situation, the refineries themselves must make contributions to the budget.

In 2022, against the backdrop of increased sanctions and the announcement of an embargo on fuel imports from Russia to the EU, export prices for petroleum products rose sharply. As a result, Russian companies received record damper payments of RUB 2.2 trillion, 3.2 times more than in 2021.

This year, the damper payments were gradually reduced against the backdrop of an embargo on marine supplies of petroleum products from Russia to Europe, as well as a change in the formula for calculating the damper. As a result, in July 2023, oilmen received 110.4 billion rubles. – 2.2 times less than in July last year. In January-July 2023, payments decreased by 2.3 times compared to the same period last year to RUB 653 billion.

On July 31, Russian President Vladimir Putin signed a law to reduce the fuel damper by 50% from September 1, 2023 until the end of 2026.