EAEU: Petroleum products

By 2025, the EAEU countries plan to move to the single market of petroleum products. When switching to the common market, the decision on internal tax issues remains with each state.

The price of gasoline in Kazakhstan is around KZT 160 per liter. In Russia - KZT 250 per liter. "The difference is largely formed by taxes on excise taxes and VAT. They make up 65% of the difference in the structure, " Vice-Minister of Energy of the Republic of Kazakhstan Asset Magauov explained at a briefing in the CCS.

 The vice-minister said: "If we do not raise the excise tax and VAT, we will also maintain the price difference at the gas station."

 Oil and gas industry expert Olzhas Baidildinov compared gasoline prices in Kazakhstan with prices in other countries.
 
"Kazakhstan with the price of KZT 179 per liter of 95-th gasoline is now in the eighth place in the world. In Saudi Arabia, the price is KZT 217, in the UAE, just recently, there was an increase in prices from KZT 210 to KZT 230. In Russia, Azerbaijan,Uzbekistan, Belarus, you can see what prices are, they are about KZT 300 and above. In Turkey, Ukraine, the price is above KZT 400 and Norway, which produces oil, hits rock bottom – KZT 848 per liter, " Olzhas Baidildinov said at a briefing in the CCS.

It should be noted that the start of trading for Kazakh gasoline on electronic commodity platforms (ECP) is scheduled for March, for diesel fuel – for the third quarter.

According to the data of the world oil exchanges for 10.03.2021, the prices of oil of reference grades are declining. The price of May Brent crude oil futures on London ICE Futures exchange is $ 67.92 per barrel, which is $ 0.32 (0.47%) lower than the closing price of the previous session. The price of WTI crude oil futures for April on the New York Mercantile Exchange (NYMEX) by this time is $ 64.43 per barrel, which is $ 0.62 (0.95%) lower than the level at the close of the market on Monday. Earlier in the course of trading, both contracts rose in price against the background of optimism in connection with the OPEC+ decision taken last week to abandon the increase in oil production in April by 500 thousand barrels per day.