The Russian government is considering two options to stabilize fuel prices; These include a complete ban on the export of petroleum products for a certain period of time to saturate the market and an increase in the export tax on petroleum products to $250 per ton. This was reported by TASS Citing a government source.
According to the agency, these measures were discussed at a meeting of Russian Deputy Prime Minister Alexander Novak with companies and departments, during which a number of proposals emerged to stabilize fuel prices in the domestic market.
The TASS interlocutor noted that if the export duty is increased to $ 250 per ton, “the payment will be returned to bona fide exporters who supply oil products to the domestic market at the rate determined by the government decree.”
It was announced that Novak instructed that the decision be finalized as soon as possible, taking into account the effectiveness of the impact on automobile fuel prices and the consequences of their use for the oil industry.
Formerly International Energy Agency reportedIt was stated that Russia’s income from oil and petroleum product exports increased by 11.8% compared to July, reaching 17.1 billion dollars, or 1.8 billion dollars, in August 2023.
BitRiver financial analyst Vladislav Antonov in a conversation with socialbites.ca commentedSupply shortages of Russian Urals oil, increased fuel demand from China and India, and the redirection of domestic raw material sales to Asia instead of Europe led to the exceeding of the $60 per barrel “price ceiling”.
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