The government of the Russian Federation from June 1, will reduce the excise duties on petrol and diesel by 3 thousand and 2 thousand rubles per ton, respectively, told journalists the meeting with Deputy Prime Minister Dmitry Kozak, who oversees, including energy issues. The government does not exclude that the reduction in excise duties will continue, and from 1 July they can be lower still for 700 rubles.

"The government is considering to further lower the rate of excise duty on petrol and diesel by 700 rubles per tonne from 1 July 2018. The earlier decision on the reduction of excise duties on gasoline for 3 thousand rubles, and diesel fuel on 2 thousand roubles will come into force on 1 June 2018", - said the participant of the meeting.

The representative of the Kozak confirmed the discussion in the government to further reduce the fiscal burden for the stabilization of the situation on the fuel market.

The prices of petroleum products

Think about the reduction in excise duties on petroleum products the government made the growth of prices on gasoline in Russia, which were observed from the beginning of the year. According to Rosstat, in April, producers have raised prices of gasoline by 13% compared to March. For the week from 21 to 27 may, the price of gasoline AI-92 has exceeded 41 rubles per liter, AI-95 and AI-98 - 44 and 49 cents per liter, respectively. Diesel fuel price increased to 43.91 rubles per liter.

To curb the growth of prices in the domestic market, the government has instructed the Finance Ministry to study the possibility of reducing excise duties on gasoline and diesel fuel. As noted by Kozak, this measure will allow to stabilize the prices of petroleum products, not lower them (then it was about the decline of 2 thousand rubles per ton of diesel fuel, and 3 thousand roubles for ton of gasoline).

According to the representative of Kozak, another 700 rubles per ton of petroleum products may be withdrawn due to the failure of the planned increase of excise rates from 1 July. "It is more correct to speak about cancellation of the previously scheduled increase in excise taxes on gasoline and diesel fuel from 1 July," he explained.

First Vice Premier, Finance Minister Anton Siluanov has estimated the shortfall in budget revenues from lower excise duties on fuel, 140 billion rubles. Sources of compensation for lost income, the government should define in the fall - it will be either additional non-oil revenues, or borrowing, Siluanov said.