SRS fear of increasing inflation due to the increase in excise duties on fuel

© Fotolia / KkolosovДеньги. Archival photoSRS fear of increasing inflation due to the increase in excise duties on fuel© Fotolia / Kkolosov

The increase in excise duties on fuel in Russia could lead to increased inflation and rising commodity prices, said Deputy Chairman of the Duma faction «Fair Russia» Mikhail Emelyanov.

Ready to abandon the vehicle, if gasoline prices become too high?

  • Yes, sell the car, if the ride will be unprofitable
  • Completely no, but I will more often use public transport
  • No, not ready (a) to sacrifice comfort
  • I have no car

Results

  • 14.0%

    Yes, sell the car, if the ride will be unprofitable

  • 41.7%

    Completely no, but I will more often use public transport

  • 20.6%

    No, not ready (a) to sacrifice comfort

  • 23.7%

    I have no car

All procurementservices of the Russian Federation at the meeting on Monday approved the increase of the excise tax to 50 cents from 1 January and 1 July 2018; Federal budget revenues from the implementation of this measure will amount to 40 billion rubles, told journalists the Minister of Finance Anton Siluanov. He noted that additional funding will be spent on construction of new roads, infrastructure, first and foremost, in the Crimea, in Kaliningrad, in the far East.

«We believe this is not a very good solution, because it is contrary to the goals of the government and the Central Bank to combat inflation, as the price of fuel incorporated in the price of any goods in Russia will increase prices and thus inflation will grow,» — said RIA Novosti Emelyanov.

This measure, according to the Deputy, will also impact on the population because major payers are motorists.

Emelyanov believes that there are alternative levers of replenishment. «It would be more correct cancellation of VAT refund on the export of crude oil, in addition it is necessary to revise the rules of our membership in the WTO», — he explained.

SRS fear of increasing inflation due to the increase in excise duties on fuel© RIA Novosti, Infografiken Europe: where is the cheapest and most expensive gasoline

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