Putin is allowed to slow down the price of gasoline

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Vladimir Putinto: Alexei Druzhinin / RIA Novosti

Russian President Vladimir Putin signed a law allowing the government to raise export duty on gasoline to 90 percent of the duties on oil, according to the document portal of legal information.

Deputy Minister of Finance Ilya Trunin told RIA Novosti that the document will give the Cabinet the right to increase the rate of export duty to 90 percent light oil, commodity and gasoline distillation for 2018. He noted that this measure has already been applied in 2011.

The increased export duty will allow the government to influence the supply of oil, and therefore gasoline, to the Russian market. Heavy duty will do the deliveries of oil products abroad is disadvantageous, in this case, the company will begin to sell fuel on the Russian market. The document also waives the duty on oil produced at fields that are included under the use of TEI (tax on extra income).

To date, the export duty on light oil products, commercial gasoline and oil is 30 percent of the rate of oil, while the naphtha to 55 percent.

In June the Russians are faced with sharp jumps in gasoline prices. In some regions, the price per liter exceeds even the psychological mark of 50 rubles per liter. Putin explained such sharp jump of the prices by the desire of oil companies to return lost income from rising oil prices.

In the end, the government has taken a number of measures to stop the rising cost of gasoline. The Federal Antimonopoly service (FAS) has asked the company to increase gasoline production for the Russian market, however, the fundamental decision was engaged in the Ministry of Finance: the office proposed as the main tool to influence prices, the imposition of export duties on oil products.

Video, photo All from Russia.

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