Oil companies are invited on maneuvers – tax on oil production can press duty on its export

President Vladimir Putin and Prime Minister Dmitry Medvedev have preliminary approved new tax maneuver for the oil industry: at the suggestion of the Ministry of Finance it is proposed to decrease the rate of the export oil duty step-by-step, comparably increasing the tax on its extraction. Officials explain the necessity of the maneuver by the wish “to re-activate” low domestic oil prices that reduce the competitiveness of the economy. Oil companies forecast that this measure will lead toan  increase of gasoline prices, and in the future – to shortage of oil products on the market.

On Friday, the Russian Deputy Minister of Finance, Sergei Shatalov reported about “fundamental approval” of the Ministry of Finance’s idea to decrease the export oil duty step-by-step during three years (approximately from 2015) in exchange of the increase of this raw material MET. According to him, this proposal was supported at meetings at the offices of Vladimir Putin and Dmitry Medvedev, which took place on September, 11-12. “It was ordered to calculate the consequences and impact on motor fuel prices, - the Deputy Minister added. – It’s far from certain that it will be approved in this form”.