29.08.2023, 09:57
Russian oil companies have achieved record aid from the budget
Source: OREANDA-NEWS
OREANDA-NEWS Oil companies were still able to secure payments under the damping mechanism in August, while they will exceed the maximum in 2023 of 200 billion rubles. Kommersant writes about this with reference to market participants and its own sources.
This situation arose against the background of a record increase in gasoline and diesel fuel prices, which threatened to completely deprive producers of subsidies. However, due to changes in the trading rules at the St. Petersburg International Commodity Exchange (SPbMTSB) last week, the increase in value was kept at an acceptable level.
The damping mechanism means that oil companies increase payments to the budget if fuel prices in Russia are higher than in export markets, or receive compensation in the opposite case. However, if the average monthly indices in the European part of Russia for AI-92 and diesel fuel deviate too much from the indicative values — by more than 10 and 20 percent, respectively, then sellers are deprived of the right to subsidies.
The restriction should further stabilize fuel prices, in fact, we are talking about setting growth limits. According to the publication, manufacturers will be able to meet the standards in the remaining few days of the month.
The new procedure of trading on the SPBMTSB implies that the exchange price of gasoline and diesel fuel per day cannot grow by more than half a percent (before that — one percent). On Monday, August 28, prices rose by 0.3 and 0.4 percent, respectively, so there will be no excess by August 31.
The exchange explained its actions as an attempt to contain the rise in price of fuel, which threatens the stability of supplies. In recent weeks, gasoline shortages have been reported by more than a dozen regions in different parts of the country. Sergey Solovyov, Commercial Director of Neftmagistrali, explained that wholesale prices per liter are already higher than those set by large companies in retail, so independent gas stations either have to lose customers and close or work at a loss after running out of reserves.
Receiving subsidies in August is important for oil companies, since payments under the damping mechanism are halved from September 1. This decision was one of the ways to close the budget deficit proposed by the Ministry of Finance. It is assumed that it will save at least 30 billion rubles a month.
This situation arose against the background of a record increase in gasoline and diesel fuel prices, which threatened to completely deprive producers of subsidies. However, due to changes in the trading rules at the St. Petersburg International Commodity Exchange (SPbMTSB) last week, the increase in value was kept at an acceptable level.
The damping mechanism means that oil companies increase payments to the budget if fuel prices in Russia are higher than in export markets, or receive compensation in the opposite case. However, if the average monthly indices in the European part of Russia for AI-92 and diesel fuel deviate too much from the indicative values — by more than 10 and 20 percent, respectively, then sellers are deprived of the right to subsidies.
The restriction should further stabilize fuel prices, in fact, we are talking about setting growth limits. According to the publication, manufacturers will be able to meet the standards in the remaining few days of the month.
The new procedure of trading on the SPBMTSB implies that the exchange price of gasoline and diesel fuel per day cannot grow by more than half a percent (before that — one percent). On Monday, August 28, prices rose by 0.3 and 0.4 percent, respectively, so there will be no excess by August 31.
The exchange explained its actions as an attempt to contain the rise in price of fuel, which threatens the stability of supplies. In recent weeks, gasoline shortages have been reported by more than a dozen regions in different parts of the country. Sergey Solovyov, Commercial Director of Neftmagistrali, explained that wholesale prices per liter are already higher than those set by large companies in retail, so independent gas stations either have to lose customers and close or work at a loss after running out of reserves.
Receiving subsidies in August is important for oil companies, since payments under the damping mechanism are halved from September 1. This decision was one of the ways to close the budget deficit proposed by the Ministry of Finance. It is assumed that it will save at least 30 billion rubles a month.
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