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The Ministry of Finance announced a reduction in oil and gas revenues of 50% in 5 months KXan 36 Daily News

Date: February 26, 2024 Time: 20:41:37

The department attributed the decline in revenue to a high base of comparison last year, a drop in Ural oil prices and a reduction in gas exports.

“The monthly dynamics of oil and gas revenues is gradually entering a stable trajectory corresponding to its base level (8 trillion rubles a year),” the report says.

In the future, tax revenues from the oil sector will be restored due to the improvement of the mechanism to determine the taxable base of oil taxes and the reduction of the corresponding price discounts, said the Ministry of Finance.

According to the agency, in June the budget may receive less than 44 billion rubles of oil and gas revenues. The deviation of actually received oil and gas revenues from the expected monthly volume in May 2023 amounted to minus 30.6 billion rubles.

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Hansen Taylor
Hansen Taylor
Hansen Taylor is a full-time editor for ePrimefeed covering sports and movie news.

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