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Oil companies – increase in wholesale gasoline prices – neutral

Since the middle of August, wholesale gasoline prices have increased 4.6% and 3.6% for ULR and ULP respectively, Kommersant reports. The rise in prices can be explained by the repair works at several refineries in Russia and Belarus.
We forecast retail gasoline prices to remain broadly flat YoY in USD terms in 2014 in Russia, so the price dynamics are currently in line with our expectations. The key risk here for oil companies is potential governmental intervention on the market with the intention of putting more control on the retail business in Russia. That would impact the profitability of the retail business, in our view.
Dmitry Loukashov, Ekaterina Rodina, Alexander Donskoy, Kirill Sharikhin
VTB Capital analyst


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