Overview

National indices are common price indicators which reflect the average price of each type of petroleum product on the domestic market. The methodologies for calculating national indices for exchange traded and OTC contracts are based on a common principle. National indices’ values are calculated as the total sum of the weighted prices at all Russia’s largest refineries. The weight coefficient for each refinery reflects their share of domestic physical supplies of petroleum products.

National indices are calculated for the following types of petroleum products:

  • Gasoline Regular 92
  • Gasoline Premium 95
  • Summer Diesel
  • Winter Diesel
  • Autumn/Spring Diesel
  • Jet Fuel
  • Fuel Oil

National indices for exchange traded contracts ensure a high level of reliability since they measure the price performance of about 90 percent of exchange trades for each of the petroleum products.

Refineries checks

Refineries are checked daily for active contracts for petroleum products supplies. If no exchange traded contracts were closed for the delivery point designated for a specific refinery for 10 consecutive trading days, the refinery is considered to be non-active on the exchange, with its prices excluded temporarily from the composition of the national index for exchange traded contracts starting from the next trading day. With the resumption of trading, the refinery is re-introduced into the index composition starting from the next trading day. If no OTC contracts were closed for the delivery point designated for a specific refinery for 30 calendar days, the refinery is considered to be non-active on the OTC market, with its prices excluded temporarily from the composition of the national index for OTC contracts starting from the next calendar day. Once a new OTC contract is registered for the delivery point designated for a non-active refinery, the refinery is re-introduced into the index composition of the national index for OTC contracts starting from the next calendar day.

In this way, national indices always reflect current prices of exchange traded contracts and OTC contracts for delivery points at Russia’s largest refineries.

Transparency and accuracy

National indices for exchange traded contracts and OTC contracts are calculated using open, simple and transparent methodologies and can be provided for any date starting from Day 1 thanks to historical values for the coefficients.


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