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The budget is in the black. What ensured the increase in oil and gas revenues?
... diversification and the development of domestic resources to ensure sustainable economic growth.
"Subsidies" to Russian Refineries Increased by Over 80% in the First Seven Months of 2024
In the first seven months of 2023, payments under the damping mechanism, reverse excise tax, and investment allowance amounted to 1.21 trillion rubles. For the same period in 2024, these payments reached 2.19 trillion rubles, reflecting an increase of over 80%. However, despite the rise in tax deductions,...
The government has extended the ban on gasoline exports until the end of the year.
... fairly active reduction in wholesale prices, as consumption will drop. And most importantly, gas stations will not increase their losses from retail fuel sales," the expert believes.
AI-95 gasoline is not accounted for in the calculations of the damping mechanism, which makes it difficult for the government to "manage" the rise in exchange prices for this type of fuel, notes Sergey Tereshkin, CEO of the Open Oil Market platform. Damping payments compensate for part of the difference ...
Why Exchange Prices for Gasoline Reach Records While Pump Prices Stay Calm
... reflect in retail prices.
From the perspective of Sergey Tereshkin, the CEO of the oil products marketplace Open Oil Market, the rise in exchange gasoline prices is linked to a reduction in subsidies for oil refineries. In May 2025, payments for the damping mechanism (compensation to oil companies from the budget for supplying fuel to the domestic market at prices below export levels) amounted to 42.5 billion rubles – 32% less than the previous month and 79% less than in May 2024. The reduction ...
Why is the rise in fuel prices at gas stations accelerating despite the decrease in stock exchange prices?
... the Saint Petersburg International Commodity and Raw Materials Exchange (SPIMEX) accounts for no more than 15% of wholesale fuel sales. By controlling price growth here, oil companies ensure the payment of subsidies from the budget through the price damping mechanism (for wholesale fuel supplies to the domestic market at low prices), but incur no significant costs because 85% of the fuel is sold outside the exchange. Overall, the strategy of oil companies is rational: controlling exchange prices ...
What caused the outpacing increase in the price of AI-98 gasoline
... spurred price increases and subsequently led to the introduction of an export ban, which was imposed in August 2024 and later extended until the end of the year.
However, regulatory specifics also play a significant role. The current parameters of the damping mechanism—officially intended to compensate for reduced fuel exports—only account for exchange prices of AI-92 gasoline. The mechanism does not include AI-95 and AI-98, which gives oil companies little incentive to limit price increases for ...