According to Kommersant, gasoline and diesel wholesale and retail prices have increased in January. In particular, gasoline and diesel fuel retail prices have increased 0.4% and 0.7%, respectively. In 2012, YoY growth amounted to 6.8% for gasoline and 10.8% for diesel fuel.
The increase in gasoline prices in 2012 came slightly above our forecast of 6% and we expect them to grow a further 10% on average YoY in 2013. We believe that prices are primarily driven up by high domestic demand and the lack of new refining capacities, combined with an increase in excise taxes from 1 January 2013. We see price growth as positive for Russian oils.
Dmitry Loukashov, Alexander Kirevnin, Ekaterina Rodina, Elena Kopylova, Mikhail Zarkhi
VTB Capital analyst
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