In October 2021, the growth of oil price quotations will continue, which will ultimately affect the increase in the selling prices of oil refineries (refineries) in Russia. Kanat Eshatov, President of the Association of Oil Traders of Kyrgyzstan (ANK), announced this at a press conference in Bishkek.
According to him, the situation is also aggravated by the fact that two Russian refineries are undergoing scheduled repairs.
“In case of further growth of selling prices, local oil traders will have to raise retail prices for fuels and lubricants. Otherwise, further containment of prices will lead to unprofitability of oil traders up to the termination of the network of filling stations. However, in order to further restrain domestic prices at gas stations in the country, the Association of Oil Traders turned to the Ministry of Finance with a proposal: to temporarily reduce the excise tax rates and to exempt imports and supplies of diesel fuel from VAT. These measures will reduce retail prices for gasoline – by 3.70 soms per liter and for diesel fuel by 4.8 soms per liter from the current price level, ”he said.
He also noted that if the above measures are implemented according to the preliminary calculations of the Association of Oil Traders of Kyrgyzstan, the planned tax revenues for 2021 to the state budget from the oil sector will be fulfilled in full.
Source: Kyrgyz National News Agency