The motor fuel prices keep on going up in Russia, the manufacturers’ taxes cannot be reduced and the measures should be taken to protect population, such as issue coupons or introduce limits of petrol consumption, Regnum new agency quoted Gennadii Shmal, President of the Russian Union of Oil and Gas Manufacturers, as saying on February 6, 2014.
He said the main reason of growth of local fuel prices is lack of the state price policy in all the fields. In this situation the manufacturers shift their costs on the consumers. In particular, constant growth of taxes and excises, which constitute up to 609% of petrol price, favor the growth. He believes that constant growth of petrol excises is the main negative factor: now it totals 9,916 rubles per 1 ton against planned 9,400 rubles and in 2015 it will go up to 10,858 rubles per 1 ton.
He offers to use another methods to reduce the fuel prices for the population: opening of petrol stations for low-income citizens, issue fuel coupons with 30-40% discount or introduce petrol consumption limit, above which petrol will be sold at the market price.
The head of the Union of Oil and Gas Manufacturers also said that half of the world countries strictly control energy carriers prices at the local market. Russia also has to pursue the well thought-out policy in the field, because growth of petrol prices affects at least 100 million citizens, considering that there are about 38 million automobiles in Russia.—0--
Economics
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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