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FAS Against Cancelling Excessive Export Duties on Oil Products

The Federal Antimonopoly Service of the Russian Federation is against cancelling the excessive export duties on oil products, because this may cause the leap in prices at the Russian domestic market, the head of FAS Igor Artemyev told the journalists.

“We do not favor this initiative, we believe that with the existing production volume, even considering the fuel reserve cutting the export duties though it plays into the oil companies hands may cause the leap in prices at the domestic market”, — he said answering the question about FAS opinion on this issue.

The excessive export duties on oil products were introduced in 2011 as a means of stabilizing the situation at the domestic market and preventing the fuel shortage. A number of oil companies declared on several occasions that this measure has run its course and that the excess duties should be cancelled. The government officials in their turn said that the decision on cancelling the excess duties will be taken subsequent to the results of the situation monitoring.

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