Fuel Union forecasts reduction in independent fuel sellers

A 45-percent increase in excises on motor oil in 2003 will result in areduction in the number of independent sellers of fuel, executive directorof the Moscow Fuel Association and the Russian Fuel Union GrigorySergiyenko announced at a meeting with journalists today.The official commented on the planned increase in excises on motor oil onJanuary 1, 2003, and noted that this measure would make it non-costeffective for retailers to sell this fuel, because they would have to paytaxes unlike producers of oil products and wholesale dealers. In addition,Sergiyenko stressed that this rise in excises would require significantfunds, which would be also inexpedient for independent sellers. One mayforget about the oil product exchange, the expert said. He forecasted thata 10-percent rise in gasoline prices would be possible after an increase inexcises on motor oil..

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&to=http://www.rfu.ru/english/index.asp' target=_blank>Fuel Union

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Author`s name: Editorial Team