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Russia anticipates lower refinery support in 2024
The Russian government expects the support from refining and fuel processing plants to decline from $14.1 billion next year to around $8 billion in 2028 and $8.12 billion in 2029, aiming to reduce reliance on subsidies amid global market fluctuations. Russia has continued providing support since 2019 to mitigate the effects of international market volatility and ensure local supply. The support is calculated based on the difference between export prices and the basic prices set in tax laws, with the government adjusting tax regulations to raise the base prices for gasoline, diesel, and jet fuel.
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