According to Energy Minister Alexander Novak, it would be a mistake to raise taxes on Euro 4 and Euro 5 gasoline grades, as the country's Finance Ministry has proposed. The government had lowered the excise on those grades in order to incentivize the production of cleaner, more advanced fuels, anticipating that of a total 36MM mt, the industry would replace about 5MM mt with Euro 5 fuel. The latest data, however, shows that approximately 16MM mt of Euro 5 fuel will be produced, resulting in a revenue shortfall.
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