29 May 2019 15:48

Influence of damping mechanism on Lukoil's Q1 financial results "marginally negative"

MOSCOW. May 29 (Interfax) - The effect of fuel excises and the damping component of the reverse excise on oil had a 'marginally negative' impact on Lukoil financial results in Q1 2019, the company said in its Q1 reporting to International Financial Reporting Standards (IFRS).

"The impact of the tax changes that were implemented on 1 January 2019 on our financial results in the first quarter of 2019 was marginally negative due to an increase in excise tax rates on refined products and negative damper coefficient on gasoline experienced in January and February 2019," the report said.