Ministry of Finance expects petrol prices to rise by 5% due to the growth of excise duty for fuel

​The Ministry of Finance expects gasoline price rise by 5% in case of the growth of excise duty for fuel by 2 roubles/liter from April 2016, the deputy Minister of Finance, Y. Zubarev, said at the meeting of the Committee of the Federal Council for budget and financial risks.

The price rise for gasoline until the end of 2016 will be within the range of the consumer price index, it will not exceed the consumer price index but will be lower. A 5% growth of price is expected, Zubarev said.

The head of FAS, I. Artemiev, said previously that the gasoline price in Russia would grow by 2% due to the increase of excise duties.

On Feb 16th the Government of Russia introduced a draft law to the State Duma on the increase of excise duties for gasoline and diesel fuel from April 1st 2016.

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