In Russia, on May 1, a new formula for calculating gasoline prices began to operate. It is designed to improve the economy of oil refining and keep the dynamics of gasoline prices within inflation.
The Ministry of Finance noted that although the bill will be approved later, the mechanism begins to operate on May 1. Within its framework, the indicative price of gasoline will be reduced by 4 thousand rubles compared to the current rate until the end of 2021. It is also planned to reduce the price of gasoline in 2022 – by 2.7 thousand rubles.
In 2023, the indicative gasoline price will be indexed by 3%. The purpose of the innovations is to support the oil refining industry in Russia. The expenses for adjusting the damper mechanism from the budget will amount to 350 billion rubles.