Georgian Oil and Gas Corporation will receive GEL 220 million less income this year due to the subsidization of the gas tariff for the population, - according to the assessment of the Ministry of Finance, which assessed the quasi-fiscal activity of the state company.
In the fiscal risk report, the Ministry of Finance indicates that precisely because of the gas tariff subsidy, the corporation could not reflect GEL 302 million in revenues in 2021, and in 2020, this figure was GEL 202 million.
Since 2013, JSC Georgian Oil and Gas Corporation has been subsidizing the domestic gas sector consumer tariff, which reduces the company's possible profit. Realized profit is the difference between the opportunity to sell at a commercial rate and the actual earned revenue.
"Unearned income generated as a result of quasi-fiscal activity will exceed GEL 302 million by 2021. In turn, due to the pandemic, the average selling price of the social tariff for the support of the population was USD 52.5 per thousand cubic meters. It is the result of a reduction per cubic meter. In 2020, the social tariff was reduced by USD 40.5 per thousand cubic meters. The similar rate in 2019 stood at 25.4 USD per thousand cubic meters", the report reads.
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