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  • 12
    Russian oils: gasoline price decreased in March

    Gasoline wholesale prices decreased in March, and in particular the St Petersburg commodity exchange index for 92-octane gasoline has lost 2% since the beginning of the month, Kommersant reports. According to the paper, a decrease in oil prices and an ...

  • 22
    Russian oils: gasoline and diesel prices are increasing

    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. ...

  • 17
    Russian oils ask the government to reduce gasoline export duty

    According to Vedomosti, Russian oil companies have asked the government to reduce export duty on gasoline (currently 90% of crude oil export duty). The paper also quotes the Ministry of Energy saying that despite high export duty, gasoline exports amounted at 3.59mnt in 2012, increasing 17.3% YoY. An increase in export volumes relates to the ...

  • 13
    Russian oils: Euro-2 gasoline and diesel sales to be banned

    ... Minister of Energy Pavel Fedorov said that sales of motor fuels of standards below Euro-3 are to be banned from January — BP Holding, ord. (TNBP RX) 2013, as planned. Those oil companies not ready for the ban agreed to import the necessary volume of gasoline and diesel fuel. The ban on motor fuels of lower than Euro-3 class was announced long ago and has been postponed several times (since 2009). We do not expect to see any significant drop in marketing volumes, although it could potentially support ...

  • 8
    EIA data – Sandy saps gasoline demand

    ... Northeast, through which Sandy blasted, is a significant importer and consumer of petroleum products and the shut down in preparation for the hurricane and from the resulting flooding and power cuts, was reflected in the numbers. Implied total US demand for gasoline dropped 0.5mmb/d (-6.1%) WoW to 8.3mmb/d, whilst gasoline imports plummeted 56.2% WoW to 0.3mmb/d. Refiners were also hard hit, with utilisation in US PADD 1 down to 58.5% from 81% in the week before, while total refinery throughput was down ...

  • 29
    Gasoline and diesel fuel prices increased 9%

    According to Vedomosti, wholesale prices for gasoline and diesel fuel increased on average 9% MoM in September. In particular, 95-octane gasoline increased 11%, 92-octane gasoline price was up 8.6% and diesel fuel prices gained 3.4% MoM. Gasoline retails prices increased 2% MoM. Overall, wholesale ...

  • 15
    Russian oils: deadlines for banning low class gasoline and diesel might be postponed

    According to Interfax, the Federal Antimonopoly Service (FAS) and the Ministry of Energy might consider delaying the deadlines for the ban of Euro-3 and Euro-4 gasoline and diesel fuel. Oil companies are not fully ready for the current deadlines due to delays in refinery upgrades. The FAS might also propose that oil companies use swap schemes when importing high-class gasoline. The Deputy Minister of Energy ...

  • 28
    Russian oils: Government suggests increasing excise taxes for Euro-4 and Euro-5 gasoline and diesel

    According to Interfax, the government has suggested increasing excise taxes on Euro-4 and Euro-5 gasoline and diesel fuel from 1 July 2013. In particular, the excise for Euro-4 gasoline is to increase 5% while for Euro-5 gasoline it is to rise 12%. For Euro-4 and Euro-5 diesel fuel, the excise is to be increased on average 4% in 2013. Having ...

  • 26
    Russian oils: Russia might face gasoline deficit in October

    Minister of Energy Alexander Novak has said that Russia might face gasoline shortages due to maintenance at several refineries coupled with increasing demand, RBC-Daily reports. The Ministry estimates the maximum deficit of 400kt of gasoline in October (15% of total consumption), including 69kt in the Moscow region. ...

  • 25
    Russian oils: gasoline retail prices in Russia grow 1.6% MoM

    Average gasoline retail prices in Russia were up 1.6% MoM as of 21 September, Vedomosti reports, with the retail price of 95-octane gasoline in Moscow reaching RUB 30.43/litre. According to the paper, retail prices increased just 2.8%in January-August. Wholesale ...

  • 31
    Russian oils: Ministry of Finance might reconsider gasoline excise tax rates in 2013

    According to Interfax, Minister of Finance Anton Siluanov said that MinFin might reconsider excise tax rates for Euro-4 and Euro-5 gasoline starting from 2013. The rates might be increased to prevent the road funds from decline in financing, said Siluanov. The lower excises on Class 4 and Class 5 gasoline for the next three years were the only stimulus for oil companies to invest ...

  • 13
    Russian oil companies: gasoline retail prices increased 1.4% YTD

    According to Vedomosti, gasoline retail prices have increased over the last nine weeks and YTD they are up 1.4%. 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 increasing ...

  • 30
    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 ...

  • 25
    Russian oil companies: FAS says gasoline prices in Moscow region must not exceed RUB 30/litre

    Igor Artemiev, the Head of the Federal Anti-Monopoly Service (FAS), has said that the retail price of gasoline should not exceed RUB 30/litre in the Moscow region, Interfax reports. Earlier today Prime Minister Dmitry Medvedev commented that the retail prices of motor fuels were rising too fast in some regions. Gasoline wholesale and retail prices ...

  • 20
    Russian oil companies might resume gasoline exports

    Exporting gasoline has become more profitable than selling it domestically, Kommersant reports this morning. According to the newspaper’s calculations, the premium on domestic sales has turned negative at around the USD 50/ton level. It also reported that two ...

  • 25
    EIA data – Gasoline continues to disappoint

    Yesterday’s US EIA data demonstrated once more the weakness in implied gasoline demand, which fell 6.2% YoY, although it did rise in absolute terms by a meagre 0.1mmbd WoW. In fact, the last time there was a YoY increase in gasoline demand was in early October 2011. The 52-week average gasoline demand is now -2.1% YoY (Figure ...

  • 3
    Weekly CPI

    ... of last year’s bad harvest being an underestimated. The deflation in fruit and vegetables prices was milder last week (-1.1% WoW vs. - 2.0% WoW) and this was a major hurdle for inflation slowing down, despite a visible deceleration in the prices of gasoline, milk and butter. Moreover, the increase in the price of eggs kept gathering pace, with the weekly growth reaching a two-year high of 2.3% (in September 2011, eggs prices jumped following a severe drought during the summer 2010). In the coming ...

  • 26
    Macro week ahead

    ... a 25bp cut will be delivered. In Russia, the only interesting release is the weekly CPI reading, which is likely to bring further evidence of headline disinflation in annual terms due to the favourable base effect in food prices and slower growth in gasoline prices. As far as WoW growth is concerned, we expect to see a deflation (as is usual for the end of summer) in the headline reading (for the first time since late August last year). The headline CPI for August as a whole is set to slide close ...

  • 6
    Headline CPI slowed to 6.5% YoY

    ... YoY in July (6.9% YoY in June), one notch higher than our forecast and fully in line with the Bloomberg consensus. The key factors were a deceleration in food CPI (to 6.8% YoY, the lowest this year) and the slowing growth in core prices (non-food exgasoline decelerated 0.2pp to 4.6% YoY). Service prices growth accelerated 0.4pp to 8.4% YoY on the back of the stronger regulated tariffs hike this year. Excluding regulated prices, services CPI growth decelerated 0.1pp to 6.4% YoY. VTBC core inflation ...

  • 1
    EIA data – Crude inventory stabilises

    EIA data for the week to 26 July recorded a slightly dissonant set of outcomes, with crude inventory rising against expectations of a decline, gasoline rising instead of falling and distillate falling instead of rising. However, none of the moves was large enough to be particularly meaningful for the oil price, in our view. Moreover, on our calculations, crude inventory should have fallen 2....

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