The Federal Antimonopoly Service (FAS) believes that the peak of growth in exchange prices for winter diesel fuel is currently underway, and expects them to decline, said the head of the service Maxim Shaskolsky at a press conference.
“I think that we are passing the peak (of the growth of exchange prices – ed.), This situation is always seasonal. We expect a decline in prices. We do not find any signs of violation of antimonopoly legislation here, “Shaskolsky said (quoted by RIA Novosti).
The price of winter diesel fuel on the St. Petersburg Commodity Exchange (SPIMEX) on December 24 increased by 0.9%, to 64,790 rubles. per 1 ton. The cost of fuel breaks a record for seven trading sessions in a row.
In mid-November, the Ministry of Energy announced that the government is considering adjusting the damper for fuel from January 1, 2022. The damper mechanism in the oil industry was introduced in Russia in 2019 to keep prices down on the domestic fuel market. It assumes a reverse excise tax for fuel producers. If gasoline and diesel fuel are more expensive abroad than on the domestic market, the state compensates refineries for part of this difference in order to stimulate them not to raise prices in Russia. Otherwise, oil companies transfer part of their excess profits to the budget.
In the spring of 2021, this mechanism was adjusted: the base price for the domestic market, prescribed in the damper, decreased from 56,300 to 53,600 rubles. per ton. In addition, from 2022, the annual price indexation incorporated into the damper mechanism for diesel fuel will decrease from 5% to 3%. Meanwhile, the wholesale price of gasoline and diesel, laid down by the government in the damper formula, grew 27-30% faster than the retail price this year, which caused the gas station’s profitability to fall. The Russian Fuel Union had previously warned the government that if this mechanism was not corrected, then next year many gas stations could go bankrupt.
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