11 Apr 2019 16:55

Oil damping excise working in current price situation - Kozak

MOSCOW. April 11 (Interfax) - The reverse excise on oil with a damping component is working amid the current price situation, Deputy Prime Minister Dmitry Kozak said at a meeting with the Russian president.

"The damper is working in the current price range," Kozak said.

In January and February, oil companies sharply criticized the excise, since they had to pay 10.2 billion rubles to the budget for the damping surcharge on gasoline.

According to Kozak, the government has decided to make minor adjustments to the mechanism.

"Monitoring has been introduced to verify how effective the damping mechanism actually is as this is the first time the mechanism has been introduced. Given how the damping mechanism has been used in practice, we have concluded that it need to be adjusted so that it can work throughout the entire oil price range," Kozak said.