Both houses of Russia’s legislature approved hikes on the excise tax for gasoline and middle distillates last week, with President Vladimir Putin immediately signing them into law in a lightning fast combination aimed at shoring up the country’s dire fiscal outlook. The measures, which go into effect on Apr. 1, will raise the excise tax on Euro-5 grade gasoline from 7,530 rubles ($100) to 10,130 rubles per metric ton; on Euro-4 grade and straight-run gas from 10,500 to 13,100 rubles; and on diesel from 4,100 to 5,290 rubles. As the finance ministry explained, the changes essentially foresee a 2 ruble/liter excise increase on a liter of gasoline and a 1 ruble/liter on a liter of diesel. The excise on jet fuel will not change.
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