The Russian government does not plan changes to the export duty on crude oil and products, including high export duties for gasoline and naphtha, Prime news agency reported Thursday, citing Deputy Prime Minister Igor Sechin.
"I think the current tax regime will be maintained. There is no necessity [to change] it currently," Sechin said late Wednesday on a trip to the town of Tolyatti in the Volga region.
The 60:66 tax regime, introduced in October 2011, cuts the top marginal tax rate for most crude exports to 60% of the Urals price, from 65% previously, and introduces a single rate for oil products of 66% of the duty for Urals. Previously, the export duty for light and heavy products was 67% and 46.7% of the export duty for Urals, respectively.
In addition, in May 2011 the government introduced export duties for gasoline and naphtha at 90% of that for Urals to limit export of the products and resolve fuel shortages on the domestic market.
In late March, local media reported that the energy ministry had submitted a draft proposal to the government to cut the marginal export duty for crude to 55% of the Urals price.
The single tax on oil products is to be cut to 60% of that for crude, the reports said, citing a letter from the ministry's deputy head Sergei Kudryashov to the government.
A spokesman for the ministry told Platts last week it would not propose lowering export duties for oil and oil products in the near future, and planned to assess the impact of the current regime through the second half of 2012.
Sechin also said that the government did not think it necessary to compensate oil producers for a freeze on fuel prices in the first quarter.
"Of course they [the oil companies] have contacted [the government]. But we think that so far there have been no losses," Prime quoted Sechin as saying.
In January, Russian oil companies froze oil product prices at December levels, as part of measures to secure stability on the fuel market.
This was seen by some analysts as a measure to win popularity for Vladimir Putin in the run up to his bid to be elected president in March 4 elections. Market sources in late March said that prices may remain low until May and then go up.
