Azernews.Az

By Nigar Abbasova

Azerbaijan has temporarily abolished a customs duty on the import of AI-92 petroleum, the Cabinet of Ministers reported on August 17.

Earlier, the duty was at the level of 15 percent, while zero interest rate has been introduced since August 16.

Moreover, excise rate on the import of benzene (excluding aviation gasoline) has been decreased from 200 manats to one manat ($ 124 - $0.6124) per ton. Relevant decision was also taken by the Cabinet of Ministers. Both decisions came into effect from the day of signing.

The decisions on the cancellation of customs duty and reduction of excise rate are considered to be taken with a view to prevent increase of fuel prices in the country.

The State Oil Company of Azerbaijan (SOCAR) is the only producer of oil products.

Heydar Aliyev Oil Refinery (owned by SOCAR), which is focused on the production of light petroleum products, is processing 21 out of 24 grades of Azerbaijan crude and 15 different petroleum products, including automotive gasoline, aviation kerosene, diesel fuel, black oil, petroleum coke, and others. The plant is meeting the republic’s entire demand for petroleum products completely, while 45% of its petroleum products are exported.

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

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