Belneftehim pegged domestic fuel costs to US Dollar

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April 22, 2016 18:57

On September 8th, a new indexing mechanism for fuel retail price was published.

The base petrol brand has been set to AI92-K5-Euro at USD 1 per litre. In Belarus fuel costs will only rise, regardless of the world fuel prices (there is no mechanism for reducing the cost of fuel). Therefore, Belarus’ refineries will increase budgetary proceeds, people and businesses will reduce fuel consumption, and foreign carriers will partially lose interest in Belarusian fuel. The excise tax on fuel will continue to rise. If Russia changes taxation in the oil refining business, Belarus might also have to adapt by making changes. 

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