Gazpromneft opposed restrictions on gasoline prices in Russia

The head of the company, Alexander Dyukov, put forward an ultimatum to the government of the Russian Federation.
11.06.2018
Kommersant
Origin source
GazpromNeft, the first major oil company, said that a possible increase in the export duty on oil products would only worsen the processing efficiency, but it would not solve the problem with rising prices for filling stations. According to the head of the company Alexander Dyukov, the most effective measure to stabilize retail fuel prices would be further reduction of excise duties. The government has already lowered them since June 1, but, as Mr. Dyukov admitted, a greater decline is not yet ready.

Oil companies offered the government as a measure to stabilize retail prices for gas stations to continue reducing excises by 2-2.5 thousand rubles. per ton for gasoline and 3.5-4 thousand rubles. for diesel fuel, said at a press conference the head of Gazprom Neft, Alexander Dyukov. "This is being discussed, but the government is not ready yet, believing that the current decline (since June 1," Kommersant ") is enough," he said. "The budget has such an opportunity (to continue reducing excises." - Kommersant), because during this time the budget was additionally received from the price increase (for oil). And oil companies took part in stabilizing oil prices and bringing them to a higher level. There was also an additional income from the devaluation of the ruble, "explained Alexander Dyukov.

Under the agreement with the government in exchange for reducing excises, oil companies promised to freeze retail fuel prices at the current level by the end of the year.

At the same time, the Ministry of Finance proposed to legislatively fix the possibility to raise the export duty on light oil products. In fact, we are talking about the following: if the oil companies can not keep prices at retail, the government will introduce increased duties to make fuel exports less profitable.

But, according to Alexander Dyukov, there is no fuel shortage in the domestic market, and the increase in duties will not solve systemic problems. He considers the main negative factors that led to a significant increase in prices for petroleum products, an increase in excises and the fact that "the Ministry of Finance and the Central Bank have chosen a policy to untying the ruble from oil prices." If this did not happen, then with the grown oil, the ruble would strengthen, and export netback (the cost of selling for export minus duty and transportation costs) would not change, whereas in fact it grew sharply and caused a rise in prices for petroleum products, explained Mr. Dyukov .

The top manager believes that the increase in export duties may negatively affect the industry: in this case, oil refining will significantly lose its efficiency, its volumes will decline against the forecasted growth in demand for fuel, which will lead to a decrease in investments in the refinery, as a result, the company will not be able to fulfill modernization programs. "If now there is a loss in retail, the increase of the duty will lead to a loss of efficiency in processing. Independent processors will reduce production, supply to the domestic market will decrease. This will only worsen the situation, "said Alexander Dyukov. He noted that in the long term it is necessary to move to floating excises, which will vary depending on the price of oil - to decline at high prices and grow at low prices.

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