Gasoline damper in Russia down 15% in May/April, diesel down 35% – Reuters calculations

MOSCOW, June 2 (Reuters) – The value of the subsidy that suppresses the reverse excise duty on crude oil in Russia in May for motor gasoline fell by 2,346 rubles a ton (-15.1%) from April’s value to 13,198 rubles a ton, for oil diesel – fell by 5,003 rubles per tonne (-35.4%) to 9,126 rubles per tonne, Reuters calculations showed. State subsidies to oil refineries for the supply of gasoline and diesel oil to the domestic market decreased in May as a result of a decrease in the global quotations of these products compared to the previous month by 6.5% and 9.9%, respectively, and the strengthening of the ruble against the US dollar (+ 2.4%). Gasoline damper held back a bigger fall as Urals’ discount to Argus’s North Sea Dated (NSD), included in the subsidy formula, narrowed to $157/t ($21.5/bbl) in May from $182.5/t ($25/bbl) USD/bbl). .) in April. Taking into account the estimated volume of deliveries of gasoline and diesel oil to the domestic market of the Russian Federation in May at the level of 3.1 million tons and 4.3 million tons, respectively, the amount of tax compensation for oil refineries in May may fall to PLN 80,000. billion rubles out of 105 billion for April deliveries. In total, oil companies should receive about 500 billion rubles for deliveries of gasoline and diesel fuel to the Russian market in January-May, compared to 1.197 trillion rubles for deliveries in January-May 2022. The government is preparing amendments to the Tax Code that will reduce amortization payments for oil refineries by half. It is expected that a reduction factor of 0.5 will be included in the final muffler formula per year. It was assumed that the changes would come into force in July, which required the adoption of the law before the end of May. However, in May, the law was not passed and did not even go to the State Duma. Perhaps the revised shock absorber formula will work from September. Taxpayers will be able to use depreciation for May at the end of June. The state applies a suppressive surcharge to the oil excise duty to compensate oil companies for the price difference with export parity and to prevent an increase in domestic fuel prices. However, with low world prices, the shock absorber starts to work in the opposite direction – payments flow into the treasury. Below are the actual values ​​for calculating the shock absorber for gasoline and diesel in January-May 2023 and January-December 2022: Product/period price, duty, excise rate, nominal price export shock absorber, $/t $/t RUB/ $ RUB /t domestic alternative, rub/t market, rub/t rub/t gasoline 2023 January 813 5.0 69.2325 14.345 56.900 69.637 8.661 February 805 3.8 73.0284 14.345 56.900 71.828 10.15 March 1 7 9 2 4, 2 76.0852 14.345 2022 January February 790 14.0 75.8837 13.793 55.200 85.120 20.346 February 888 14.3 77.4048 13.793 55.200 95.384 27.325 March 1, 061 17.4 104.0810 13.793 55.200 142.398 59.295 April 1.047 18.3 77, 9146 13.793 55.200 109.554 36.961 May 1.2 46 14.8 64.7770 13.793 55.200 109.069 36.631 June 1.356 13.4 57.2694 13.793 55.200 1 05.727 34.358 July 1.101 16.5 58.1515 13.793 55.200 88.811 22.855 August 929 15.9 60.3522 13.793 55.200 79.204 16.323 September 822 15.6 59.8006 13.7 93 55.200 60.487 3.595 October 925 13.3 60.9064 13.7 2023 January 944 5.0 69.2325 9.9 38 53.850 87.444 21.836 February 831 3.8 73.0284 9.938 53.850 81.700 18.103 March 809 4.2 76.0852 9.938 53.850 82.301 18.493 April 766 4.2 80.8947 9.938 53.850 7 5.587 14.129 May 690 4.3 9.938 53.850 67.890 9.126 78.9516 2022 January 756 14.0 75.8837 9.556 52.250 77.0 31 16.108 February 839 14.3 77.4048 9.556 52.250 85.841 21.834 March 1.166 17.4 104.0810 9.556 52.250 150.553 63.897 April 1.119 18.3 77.9146 9.556 52.25 0 111.201 38.318 May 1.127 14.8 64.7770 9.556 52.250 94.734 27.615 June 1.333 13.4 57.2694 9.556 52.250 98.993 30.383 July 1.095 16 .5 58.1515 9.556 52.250 83.238 20.142 August 1.023 15.9 60.3522 9.556 52.250 80.928 18.641 September 1.005 15.6 59.8006 9.556 52.250 79.740 17.869 October 1.151 13.3 60.9064 9.556 52.250 91.695 25.639 November 1.006 12.8 60.8781 9.556 52.250 80.371 18.279 December 888 12.9 65.4395 9.556 52.250 74.37 6 14.382