The fuel crisis in Russia in late summer and early autumn 2023 prompted an ill-conceived decision to reduce compensation payments, Rosneft head Igor Sechin said on November 29. His statement was quoted by the company’s press service.
“The undeveloped decision to reduce the buffer caused a crisis in the domestic fuel market in August-September of this year”the statement says.
According to the head of Rosneft, in October the Ministry of Finance launched the following changes in one of the basic parameters of taxation in the oil industry – the procedure for determining the price of oil for tax purposes.
Buffer payments are payments from the Russian government to oil companies. These funds are allocated from the budget during an increase in global fuel prices, so that oil companies do not increase prices within the country.
Source: Rossa Primavera
I am Michael Melvin, an experienced news writer with a passion for uncovering stories and bringing them to the public. I have been working in the news industry for over five years now, and my work has been published on multiple websites. As an author at 24 News Reporters, I cover world section of current events stories that are both informative and captivating to read.