Russia to lift prohibitive gasoline duties with 1.4 mln tns reserves

MOSCOW, Jul 29 (PRIME) — The Russian government could lift a prohibitively high export duty on gasoline if the fuel reserves of Russian oil refineries reach 1.2 million1.4 million tonnes, Energy Minister Sergei Shmatko told reporters Friday.

Fuel reserves currently amount to around 1 million tonnes, compared to around 750,000 tonnes in AprilMay and 1.2 million tonnes in early 2011, Shmatko said.

Starting from May 1, the government temporarily set a prohibitively high export duty on gasoline of U.S. $408.3 per tonne, which corresponds to 90% from the export duty on oil, due to a shortage of fuel supplies on the domestic market.

Under a recent government ruling, the gasoline export duty is to decrease to $394.4 per tonne from August 1, while in July gasoline export duty was set at $400.5 per tonne. Thus, the government extended the prohibitive export duty on gasoline for August.


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