27 Sep 2013 11:44

Lukoil expects 'tax maneuver' to push up fuel prices 10-15%

SOCHI. Sept 27 (Interfax) - The Russian government's 'tax maneuver' to lower export duties on crude oil and oil products while raising the natural resource extraction tax (NRET) on oil will push up fuel prices by about 10-15%, Lukoil president Vagit Alekperov warned.

"I think that in order to maintain the investment appeal of the sector it will be around 10-15%. We will proceed from this growth. This is an objective element," Alekperov said.

He said the upcoming changes to the Tax Code would only increase the tax burden on the oil sector. "This is not a maneuver, but an increase in the tax burden on companies that will ultimately be shifted onto consumers," Alekperov said.