Duma amends fuel damper with oil discounts in 2nd reading

MOSCOW, Jun 30 (PRIME) -- The parliament’s lower chamber State Duma approved on Thursday in the second out of the three required readings a bill that amends the fuel price damper mechanism taking into account the discounts to the price of Russian oil.

Under the mechanism, the government compensates a part of the difference between the export and internal prices for gasoline and diesel fuel if the export prices are higher, while companies will have to pay the government a part of the difference if the internal prices are higher.

Now, the damper will take into account the discount that is applied to Russian oil, and it will be in effect as an anti-crisis measure only from September through December 2022. Russian companies that sell foreign gasoline and diesel fuel will also be able to obtain an exemption from the fuel excise.

The third reading of the bill is scheduled for July 5. In order to become law, the bill must pass the third reading and one more reading by the upper chamber Federation Council before being signed by the president.

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