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Gasoline Prices will Keep on Growing in 2019
21.01.2019 10:48
Gasoline Prices will Keep on Growing in 2019

Gasoline prices will keep on growing during 2019.

      The price growth was stated by the Minister of Energy of Russia Alexander Novak. According to Novak, the cost of fuel will increase in the range of inflation. The minister also explained that the January jump in gasoline prices is associated with an increase in the value-added tax (VAT) from January 1, 2019. On January 9, it was noticed that retail prices for gasoline in Russia in January already increased by 1.7 percent. This happened due to the increase in VAT (from 18 to 20 percent), as well as an increase in fuel excise taxes. 

      The Central Bank of Russia stated that the tax increase will affect all spheres of the economy, and prices will increase for all goods including automobile fuel.

      Read More Articles about Russian Economy


Author: Anna Dorozhkina

Tags: Russian economy     

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