Russia has plans to prevent sharp retail fuel price rises next year following excise tax hikes, deputy prime minister in charge of energy issues Dmitry Kozak says. Moscow will use “negative excise tax”, effectively a state subsidy, to protect refineries — producing gasoline and diesel meeting Euro 5 vehicle emissions standards and supplying at least 10pc of output to the domestic market — from higher domestic crude prices resulting from the “tax manoeuvre”.
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