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RMF FM: Government will reduce profits from fuel sales. Orlen and Lotos stocks are cheaper

2021-11-15 16:09

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2021-11-15 16:09

RMF FM: Anti-inflationary shield will limit fuel sales profits.  Orlen and Lotos stocks are cheaper
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The government will introduce a reduction in margins charged on fuel by gas stations and refineries, informing RMF FM. Shares of Orlen and Lotos immediately became cheaper.

According to the correspondents of RMF FM, one element of the anti-inflation shield the government is working on is to limit the possibility of profit taking from fuel sales.

– The government proposes a mechanism that will strike all parties that deal with fuel – according to the findings of the correspondents of the René Moawad FM Foundation. The costs of this process are shared jointly and individually. This means that the government is preparing a solution that will reduce the margins imposed by gas stations and refineries – We read in the article by Krzysztof Berenda published on rmf24.pl. He added, “The state should partially reduce tax revenues from hydrocarbons.”

This proposal corresponds to the words of Yaroslav Kaczynski, who, however, negatively assessed the possibility of reducing the excise tax on fuel. “However, I would suggest that different types of economic entities limit their income increase a bit,” the deputy prime minister said in mid-October.

On Sunday, Prime Minister Mateusz Morawiecki informed that the government will present details of the shield this week.

– That this be a shield that partially mitigates the increase in the prices of heat, gas, fuel and food. The prime minister said these measures would be directed primarily at particularly vulnerable groups, such as low- and middle-income farms, but that all Poles would benefit from some of them.

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Orlen and Lotos prices are getting cheaper

In response to RMF FM’s recent reports, shares of Orlen and Lotos are getting significantly cheaper. At 16:08, Lotus lost 6.11 percent and Orlen lost 4.65 percent. It should be noted that both entities under the control of the state treasury remained positive until before noon.

We do not know whether the Polish solutions will be similar to those in force in Hungary. The local authorities set a limit on the prices of gasoline and heating oil (480 forints per liter, i.e. 6.05 PLN). In addition to a fine for breaking the ban, stations may be closed for a period of four days to six months.

Last week, average retail prices for gasoline and Pb95 diesel oil across the country remained close to the psychological barrier of PLN 6 per liter. However, auto gas is still more expensive. More about it in the article “Fuel prices stopped at PLN 6”.

More expensive fuel is one of the main factors (although by no means the only one) that leads to inflation in Poland. The Central Bureau of Statistics confirmed today that the annual inflation in October was 6.8%. Among specific groups of goods and services, fuel is certainly the most expensive (33.9%, gasoline 31%, diesel 34.5%, LPG 53.1%).

Michał Żuławiński

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