TBILISI, Georgia, May 4. Samir Sharifov, Azerbaijan’s Finance Minister, talked about the possibility of adjusting the oil price set in the state budget.
In his answer to Trend’s question on the sidelines of the ADB Annual Meeting in Tbilisi, he addressed the potential hike in oil prices in the budget, given that Azerbaijani oil prices exceeded $60 in the first quarter of this year. Sharifov mentioned that nothing can be ruled out.
“As usual, around mid-year, we review the results of the past period, typically four months. The results are promising, with noticeable growth in the non-oil sector. Consequently, there are additional revenues from the oil sector, both from taxes and customs duties,” he explained.
Sharifov stressed that the current oil prices surpass the budgeted ones.
“As a result, we’ll also consider additional revenues from the oil sector. Besides oil, we also earn from gas. Gas prices in the global market fluctuate greatly, sometimes soaring and then sharply falling. Lately, we’ve seen certain gas prices decreasing. Considering this, we’re currently running specific calculations. So, as our practice goes, when there are extra revenues, and if there’s a chance to use them for necessary projects without harming the country’s macroeconomic stability or medium-term fiscal resilience , decisions are made accordingly. I believe this time, such decisions will probably be made at the appropriate level,” he concluded.
