Russian oil companies received payments totaling 163.3 billion rubles from the budget for the fuel damper in August, the Finance Ministry said in materials on forming and utilizing additional oil and gas revenues from the federal budget, as posted on its website.
Damper payments totaled 142.5 billion rubles in July. Oil companies received nearly 1.293 trillion rubles overall from the budget for the fuel damper in January-August. The budget pays a damper as a subsidy to oil companies so that they rein in domestic fuel prices while export netbacks are high.
Oil companies also received excise tax payments on petroleum feedstock from the Russian budget in August totaling 150.1 billion rubles, and payments on the excise tax totaled 1.092 trillion rubles in January-August. The reverse excise tax on oil is a measure to support the oil refining industry. It involves a tax deduction for excise duty on oil depending on the volume of fuel production, the region where a refinery is located, and accounts for refinery upgrades and other elements.
As reported, fuel damper payments totaled 1.588 trillion rubles for 2023, 2.171 trillion rubles for 2022, and 674.5 billion rubles for 2021. Oil companies paid 356.6 billion rubles to the budget for fuel dampers in 2020 owing to market conditions, while the budget paid oil companies 282.2 billion rubles in damper payments in 2019.
Source: interfax.com