Weighted average prices for refined products and LPG that include the cost of transportation to 9 demand centers (Saint-Petersburg, Moscow, Rostov, Samara, Yekaterinburg, Novosibirsk, Krasnoyarsk, Irkutsk, Khabarovsk).
Regional 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.
Regional indices are calculated in large demand centers of nine regions of the Russian Federation:
- Moscow (Central Region);
- Saint-Petersburg (Northwestern Region);
- Rostov (Southern Region);
- Samara (Volga Region);
- Ekaterinburg (Ural Region);
- Novosibirsk (West Siberian Region);
- Krasnoyarsk (Central Siberian Region);
- Irkutsk (East Siberian Region);
- Khabarovsk (Far Eastern Region).
Calculation of Regional LPG Price Indices is possible at any railway station in the territory of the Russian Federation.
The family of Regional Price Indices for refined products includes the following indicators:
- Indices for exchange-traded contracts are 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;
- Indices for OTC contracts are 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.
Regional 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.
Regional Indices for exchange-traded refined products are calculated as the weighted sum of Consolidated Prices at refineries for exchange-traded contracts netted back to the regional demand center by adding a transportation tariff. The calculation takes into account only those refineries that supply refined products to the corresponding region, and the weight of each refinery in the index is proportionate to its respective share in the total supplies of refined products to the corresponding region.
The following Regional Indices for exchange-traded contracts are calculated for a trading day:
- Regional Primary Market Index is calculated on the basis of Consolidated Primary Market Prices for exchange-traded contracts.
- Regional Secondary Market Adjusted Index is calculated on the basis of Consolidated Secondary Market Adjusted Prices for exchange-traded contracts.
Regional Indices for exchange-traded contracts are calculated only subject to the following conditions:
- Total volume of contracts included in the basis for calculation of Regional Indices is at least 200 tons.
- Basis of calculation of Regional Indices includes at least two (2) Consolidated Prices for exchange-traded contracts.
Regional Indices for exchange-traded LPG at the destination station are calculated as the sum of the intermediate price at Voynovka station and the cost of transportation of LPG from Voynovka Station to the destination station located in the corresponding demand center. For this purpose the Intermediate Price at Voynovka station is calculated as the weighted average of Consolidated Prices for exchange-traded contracts netted back to Voynovka station through Moscow-Freight-Kurskaya station.
The following Regional Indices for exchange-traded LPG at the destination station are calculated for a trading day:
- Regional Primary Market Index is calculated on the basis of Intermediate Primary Market Prices.
- Regional Secondary Market Adjusted Index is calculated on the basis of Intermediate Secondary Market Adjusted Prices.
Regional Indices for exchange-traded LPG at the destination station are calculated only subject to the following conditions:
- Total volume of contracts included in the basis for calculation of Regional Indices is at least 200 tons.
- Basis of calculation of Regional Indices includes at least two (2) Consolidated Prices for exchange-traded contracts.
Regional Indices for OTC contracts are calculated as the weighted sum of Consolidated Prices at refineries for OTC contracts netted back to the corresponding Demand Center by adding the cost of transportation. The calculation takes into account only those refineries that supply refined products to the corresponding region, and the weight of each refinery in the index is proportionate to its respective share in the total supplies of refined products to the corresponding region.
The following Regional Indices for OTC contracts are calculated for a calendar day:
- Regional Primary Market Index is calculated on the basis of Consolidated Primary Market Prices for OTC contracts.
Indices for OTC contracts are 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.
Regional Indices for OTC contracts are calculated only subject to the following conditions:
- Total volume of contracts included in the basis for calculation of Regional Indices is at least 200 tons.
- Basis of calculation of Regional Indices includes at least two (2) Consolidated Prices for exchange-traded 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 calculation takes into account the seasonality of diesel fuel and uses calculation periods.
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 prices at refineries, which in turn constitute a reliable and accurate basis for calculation of Regional Indices.
Regional Index for exchange-traded LPG at the destination station is calculated not only for 9 demand centers (Saint-Petersburg, Moscow, Rostov, Samara, Yekaterinburg, Novosibirsk, Krasnoyarsk, Irkutsk, Khabarovsk), but also for any station in the territory of the Russian Federation. Regional Index for LPG at the destination station required is calculated depending on the distance of transportation based on the tariff schedule publicly available on the Exchange’s official website.
Shares of refineries in supplies to the region are calculated for each major Russian oil refinery and reviewed on a quarterly basis. The same shares of refineries are used for calculation of indices for both exchange-traded and OTC contracts.