An attempt by Russia’s oil refineries to receive compensation for low domestic motor fuel prices as early as the fourth quarter has met stiff resistance, according to reports from a key meeting on Friday between government officials and oil majors. Refiners want the government to tweak a planned compensation mechanism, known as the “buffer component,” and introduce it three months earlier than planned on Oct. 1, so that they can recover losses on the domestic motor fuel market. The finance ministry, however, rejected the idea of an early phase-in and is resisting calls for additional compensation starting in 2019.
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