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Oils – wholesale gasoline prices decrease – price dynamics in line with our expectations


Wholesale gasoline prices have decreased due to the completion of repairs at Rosneft’s Angarsky refinery. The price for unleaded regular and premium gasoline has declined 2.7% and 5.2%, respectively, for the last week.

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 government 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.

To recap, wholesale gasoline prices increased 4.6% and 3.6% for ULR and ULP, respectively, during August-September. The rise in prices was due to the repair works at several refineries in Russia and Belarus.

Dmitry Loukashov, Ekaterina Rodina, Alexander Donskoy, Kirill Sharikhin
VTB Capital analyst


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