The head of Gazprom Neft Dyukov warned about the risks of fuel shortages due to duties

The head of Gazprom Neft, Alexander Dyukov, believes that if a protective duty is introduced on the export of petroleum products, a fuel shortage may occur. According to him, this will happen if these measures are not sufficiently calculated.

As Alexander Dyukov explained on the sidelines of the Industrial and Energy Forum in Tyumen (his words are quoted by RBC), due to a sharp increase in duties, the efficiency of oil refineries in Russia will decrease, resulting in a decrease in oil refining volumes. According to him, this could ultimately lead to fuel shortages.

As before reported Kommersant, at a meeting with Deputy Prime Minister Alexander Novak with the participation of the Ministry of Energy and the Ministry of Finance, the issue of increasing the export duty on petroleum products to $250 per ton was raised. The Ministry of Energy will compensate bona fide suppliers for the export duty through a reverse excise tax on oil. Currently, the export duty for light petroleum products and oils is $6.4 per ton, and for dark oils – $21.4 per ton.

The Ministry of Energy believes that this measure will prevent gray exports and stabilize the market. However, market participants reacted extremely negatively to this proposal. They believe that the criteria for assessing “bona fide exporters” are unclear. According to Kommersant’s sources, the final decision on the introduction of duties has not yet been made.

Read more about how the government is looking for new options to combat rising fuel prices in the material “Fuel is threatened with duty”.

Anastasia Larina