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Bulgaria to tax excess profits earned on cheaper Russian crude

Photo: EPA/BGNES-archive

Following a decision of Bulgaria’s Parliament, excess profits earned from fuels produced with cheaper Russian oil will be subject to taxation. Consumers are to receive the price margin between the cheap Russian Urals crude, processed by Lukoil Neftohim oil refinery in Burgas, and the fuel sold at a price similar to the price of fuel produced with Brent crude (which is more expensive). 

"Lukoil will give 70% of the price margin between the two types of crude (Urals and Brent) to the Electricity System Security Fund. Later, the funds will be used to compensate transport users. The financial assistance will be based on social criteria.




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