HomeMediaLatest NewsThe likelihood of repeating the fuel crisis in Russia

The likelihood of repeating the fuel crisis in Russia

18 March 2021

Salikhov Marcel R. President, Principal Director on Economic Studies, Head of the Economic Department

The likelihood of repeating the 2018-style fuel crisis in Russia is not very high. Marcel Salikhov, Director of the Center for Economic Expertise of the National Research University Higher School of Economics said this to REGNUM.

“So that after this negative experience a damper mechanism is introduced, - the economist said. - The damper reduces the dependence of domestic gasoline / diesel prices when external oil prices change (in any direction). Last year, this mechanism led to the fact that even with a record the fall in world oil prices, domestic prices for petroleum products did not decrease. In 2020, payments by oil companies to the federal budget amounted to 389 billion rubles. It can be assumed, that this money was paid by Russian consumers of gasoline and diesel - about 4 rubles per liter. Now, with an increase in world oil prices, the mechanism will act in the opposite direction: the federal budget must pay companies using a damper, partially compensating for the difference with export supplies."

In addition, he explained that the authorities may also increase export duties on petroleum products.

“When the duty rises, the attractiveness of exports decreases and domestic prices go down. However, such a mechanism is rather an emergency, reserve tool,” the economist said.

You will receive notifications about the release of new materials on the site. We do not share email addresses with third parties and do not spam.
Thank you!
Your application is accepted.