Ministry of Economy of Ukraine
The Government Expects to Maintain Price Stability on the Oil Market in the Autumn – Denys Kudin
22.08.2022 | 09:07The government expects to maintain price stability on the oil market in the autumn, but has an action plan in case of a crisis. This was reported by First Deputy Minister of Economy of Ukraine Denys Kudin on “Pershyi” TV channel during joint marathon “Edyni novyny”.
He emphasized that the oil market is currently stable, and there is no shortage of fuel.
“Today, the domestic fuel market is in a state of equilibrium. Importers were able to completely reorient the logistics and bring in fuel through western Ukrainian border, whereas before we imported more than 70% from russia and belarus. And it is important for us not to disrupt this market stability”, said Denys Kudin.
The Government has currently taken the initiative to partially return the fuel tax in the form of an excise tax. At the same time, the price is not expected to increase as a result of this decision.
“We see that today there are prerequisites for reducing the cost of oil products on the world markets, and we propose to absorb this reduction with an excise tax. Thus, the price will remain at the previous level, the consumer will not feel this, but the budget will receive funds for the road fund, since the excise tax is directed to the repair of roads”, emphasized Denys Kudin.
According to First Deputy Minister of Economy, taxation of oil products is a common practice in all countries. It does not distort economic activity and is deemed acceptable.
“We will return the tax gradually so that the consumer does not feel this burden. Today, the Government saw an opportunity precisely in the return of the excise tax. The issue of revising VAT rates for light oil products is not currently on the agenda. We will observe how the situation on the world markets will develop, how the situation inside the country will develop, and then we will make the proposals”, emphasized Denys Kudin.
We would like to remind you that the Government is considering the proposal to return only a portion of the excise tax, and fuel prices are not expected to increase due to this decision.
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