From May 2011 Russia plans to increase export duty on petroleum products. Corresponding instruction, Russian Prime Minister Vladimir Putin, Deputy Energy Minister Sergei Kudryashov. In addition, Putin ordered the Ministry of Energy, along with the Finance Ministry to consider the possibility of reducing the tax on extraction of minerals or excise tax rates, reports Lenta.ru. Thus, the Russian government wants to equalize the profitability of sales in the domestic and foreign markets, a difference which was the main incentive for oil companies to increase exports of petroleum products. This, in turn, led to a shortage of gasoline in the domestic market. Earlier on April 28 Russia announced plans to abandon the export of motor gasoline in May to eliminate the acute shortage of fuel in the domestic market. Sources Reuters in oil companies argue that completely stop the export of gasoline to the Government will not succeed. The fact that the companies have contracted volumes, and non contractual obligations threatens them with fines. The scale of duties on oil exports from Russia is set by law, but the change rates for petroleum products is the responsibility of government.
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