Romanian state would lose 5 billion lei from excise duties in 2020 as a result of the reduction of fuel consumption by 20%

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Domestic fuel demand will be reduced in 2020 by about 20%, estimates the main employer organization of oil and gas producers, which will negatively affect not only the results of companies, but also revenues to the state budget. In April, excise revenues paid by the energy sector fell by more than 36%, according to Profit.ro.

If the employer’s estimates are confirmed, the state’s excise revenues (+ related VAT) paid by the energy sector could be reduced by about 5 billion lei this year. The Romanian state would receive a monthly amount lower by 0.4 billion lei only from excise duties (+ related VAT). Every month, normally, the state collects on average 2 billion lei excise duties (+ related VAT) from the sale of energy products. “Revenues from excise duties on energy products decreased in the first four months of the year by 9.6% year/ year, mainly due to the reduction of revenues in March (-10.9% year/ year) and April (-36.6%), expected in the context of establishing the state of emergency,” states the Ministry of Finance in the explanatory note of the budget execution until April 30. The amount of 5 billion lei that would not be collected by the Ministry of Finance from excise duties (+ related VAT) from the energy sector represents approximately 3% of the state budget.

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