Gasoline prices in Russia began to fall for the first time since August

20 December 2018

The year is approaching its end and should prepare for the next jump

Shocking by the standards of Russian news: recent data from Rosstat suggests, last week (from 11 to 17 December) retail gasoline prices fell by 0.1 %. Fuel has risen for the first time since August.

Previously, the price of gasoline five weeks in a row stood on the site. Prior to that, the cost of fuel for five weeks grew by 0.1% and seven weeks had remained stable. The last time a slight decrease was recorded by Rosstat in the week from 7 to 13 August.

For the entire 2018 average across Russia the price of gasoline has risen by 9.4 %.

If we talk about the cost of diesel fuel, then last week she was stable. Previously diesel prices rose by 0.2 %, had not changed in price for two weeks.

From 1 January 2019 will begin the completion of the tax maneuver in the oil industry, which involves a gradual lowering of customs duties with a corresponding increase in the severance tax. This maneuver also provides a negative excise tax for oil refineries, which have a mission to fulfill marketing tool for deterring domestic fuel prices. Negative excise duty to compensate for the refinery, the reduction of export duties at the completion of the maneuver. If even with this fuel at filling stations will go up, the government will start to impose the export duties on oil and oil products.

it is Expected that another increase in fuel prices will occur in early 2019 due to the increase in VAT.