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Russian oil companies: Gasoline retail prices increased 0.7% in April


We are reiterating our view that gasoline retail price dynamics no longer depend on the oil price due to the tight domestic supply/demand balance. The fact that retail prices are currently growing despite the drop in crude oil prices is logical, especially given the freeze in prices during 1Q12. However, were regulatory pressure from FAS to continue, that might distort the gasoline retail market and, in the worst case, lead to a deficit of gasoline in Russia, in our view.

Dmitry Loukashov, Ekaterina Rodina, Alexander Kirevnin, Elena Kopylova, Mikhail Zarkhi
VTB Capital analyst

oil, gasoline, ruble

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