Russian oil companies received 156.4 bln rubles from budget for damper in Jan, 139.3 bln rubles in Dec

MOSCOW. Feb 5 (Interfax) - Russian oil companies received payments totaling 156.4 billion rubles from the budget under the fuel damper in January, the Finance Ministry said in materials on forming and utilizing the federal budget's additional oil and gas revenues, as posted on the ministry's website.

Oil companies received about 139.3 billion rubles in damper payments in December 2024.

Oil companies received 1.815 trillion rubles from the budget in 2024, 1.588 trillion rubles in 2023, 2.171 trillion rubles in 2022, and 674.5 billion rubles in 2021 owing to the damper mechanism. Oil companies paid 356.6 billion rubles to the budget for the fuel damper in 2020 owing to market conditions. The budget paid oil companies 282.2 billion rubles for the damper in 2019.

The budget pays the damper as a subsidy to oil companies so that they restrain domestic fuel prices amid high export netbacks.

Oil producers also received excise tax payments on crude oil from the Russian budget totaling 156.5 billion rubles in January and 137.6 billion rubles in December. These payments totaled 1.624 trillion rubles in 2024, 1.173 trillion rubles in 2023, 971.3 billion rubles in 2022, 564.6 billion rubles in 2021, 221.6 billion rubles in 2020, and 142.4 billion rubles in 2019.

The reverse excise tax on oil is paid from the budget as one of the measures to support the oil refining industry. It involves a tax deduction for excise duty on oil depending on the volume of fuel production, the region where a refinery is located, and accounts for refinery upgrades and other elements.