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Russian Oils

The Federal Anti-Monopoly Service (FAS) is studying the reasons for the July increase in gasoline prices, reports Vedomosti. The FAS is worried that gasoline prices have risen to RUB 38,000-39,000/t, or by 20%, since the beginning of the month. The situation is even more important prior to the planning maintenance season at Russian refineries.
We believe that the current growth in motor fuel prices is temporary rather than driven by major structural issues. We also note that MinEnergo recommended that Russian oils stop gasoline export and increase its stocks recently. Overall, the news was marginally negative for Russian Oil companies. The FAS has imposed fines on Russian Oils three times in recent years, and we do not rule out a similar outcome this time; however, we do not expect substantial market reaction to the start of the investigation.
Dmitry Loukashov, Ekaterina Rodina, Alexander Kirevnin, Elena Kopylova
VTB Capital analyst

Russia, oil

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