Weighted average prices for refined products and LPG at refineries in Russia as a whole.
National indices are calculated for the following types of refined products:
- Gasoline Regular-92;
- Gasoline Premium-95;
- Summer Diesel;
- Winter Diesel;
- Autumn/Spring Diesel;
- Jet Fuel;
- Fuel Oil;
- Liquefied Petroleum Gases used for household needs and as motor fuel.
National indices show the average price of refined products in Russia as a whole.
The family of National Price Indices for refined products includes the following indicators:
- Index for exchange-traded contracts is calculated each trading day on the basis of Consolidated Prices at refineries for exchange-traded contracts, which, in turn, are calculated on the basis of information on contracts made during organized trading in the SPIMEX Refined Products Section;
- Index for OTC contracts is calculated each calendar day on the basis of Consolidated Prices at refineries for OTC contracts, which, in turn, are calculated on the basis of information on OTC contracts provided to SPIMEX in accordance with the requirements of Regulation of the Russian Federation Government of 23 July 2013 No. 623.
National indices include excise tax and VAT at the rate established in accordance with the legislation of the Russian Federation.
Calculation methodologies are based on the same principle and differ only in the set of input data used in the calculation. This approach allows comparing prices for exchange-traded and OTC-traded refined products.
National Indices for exchange-traded contracts are calculated as the weighted average price of exchange-traded contracts used in the calculation of Consolidated Prices for exchange-traded contracts at refineries located in the territory of the Russian Federation.
The following National Indices for exchange-traded contracts are calculated for a trading day:
- National Primary Market Index is calculated on the basis of Consolidated Primary Market Prices for exchange-traded contracts.
- National Secondary Market Adjusted Index is calculated on the basis of Consolidated Secondary Market Adjusted Prices for exchange-traded contracts.
National Indices for exchange-traded contracts are calculated only subject to the following conditions:
- Total volume of contracts included in the basis for calculation of National Indices is at least 500 tons.
- Basis of calculation of National Indices includes at least five (5) Consolidated Prices for exchange-traded contracts.
National Indices for OTC contracts are calculated as the weighted average price of OTC contracts used in the calculation of Consolidated Prices for OTC contracts at refineries located in the territory of the Russian Federation.
The following National Indices for OTC contracts are calculated for a calendar day:
- National Primary Market Index is calculated on the basis of Consolidated Primary Market Prices for OTC contracts.
National Indices for OTC contracts are calculated only subject to the following conditions:
- Total volume of contracts included in the basis for calculation of National Indices is at least 500 tons.
- Basis of calculation of National Indices includes at least five (5) Consolidated Prices for OTC contracts.
- When calculating the index for OTC contracts in compliance with the Regulation of the Russian Federation Government, information on contracts of at least two (2) persons that have entered into an OTC contract and at least three (3) purchasers of commodities is used.
The index for OTC contracts is calculated with a delay of 3 business days required for the exchange to collect information on OTC contracts used in the calculation of Consolidated Prices at refineries for OTC contracts.
The calculation takes into account the seasonality of diesel fuel and uses calculation periods (National indices for autumn/spring and winter diesel are calculated for trading days during the period of October through February).
Selection of contracts for calculation of indices, as well as use of filters (including by contract price and volume) takes place at the stage of forming the basis for calculation of Consolidated Prices at refineries, which in turn constitute a reliable and accurate basis for calculation of National Indices.
Neither adjusting factors nor transportation tariffs are used in the calculation of National Indices. The only information used is contract prices and volumes. Therefore, National Indices are the most precise indicator of the current average prices for exchange-traded and OTC-traded refined products at all largest Russian refineries.