Oil companies receive 1.588 trln rubles from oil damper in 2023 versus 2.171 trln rubles in 2022

MOSCOW. Jan 11 (Interfax) - Fuel damper payments from the Russian budget to oil companies in 2023 totaled 1.588 trillion rubles, the Ministry of Finance website shows.

As reported, Russian budget fuel damper payments to oil companies in 2022 totaled 2.171 trillion rubles. In 2021, these payments totaled 674.5 billion rubles. In 2020, due to market conditions, oil companies paid 356.6 billion rubles in fuel damper payments to the budget. In 2019, the budget paid oil companies 282.2 billion rubles for dampers.

The damper mechanism for petroleum products has been in effect in Russia since 2019. It is calculated based on the difference between the export price of fuel and the indicative domestic price, which is designated by law. If the difference is positive, and exports are more profitable than supplies to the domestic market, then the state pays the oil companies; if the difference is negative, the oil companies are required to pay into the budget.