Weighted average prices for refined products and LPG at GPPs and refineries located in the European Russia, Ural-Siberia, and Siberia and Far East.
Territorial 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.
For calculation the Territorial Indices three largest domestic Russian refined products markets have been identified:
- European Russia;
- Ural and Siberia;
- Siberia and the Far East.
The family of Territorial 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.
- Netback Indices are calculated each trading day based on the data provided to SPIMEX by Argus Media (Russia) Limited.
Territorial 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 refined products, OTC-traded refined products and Netback prices for refined products.
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 corresponding territory.
The following Territorial Indices for exchange-traded contracts are calculated for a trading day:
- Territorial Primary Market Index is calculated on the basis of Consolidated Primary Market Prices for exchange-traded contracts.
- Territorial Secondary Market Adjusted Index is calculated on the basis of Consolidated Secondary Market Adjusted Prices for exchange-traded contracts.
Territorial Indices for exchange-traded contracts are calculated only subject to the following conditions:
- Total volume of contracts included in the basis for calculation of Territorial Indices is at least 300 tons.
- Basis of calculation of Territorial Indices includes at least three (3) Consolidated Prices for OTC contracts.
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 corresponding territory. The following Territorial Indices for OTC contracts are calculated for a calendar day:
- Territorial 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.
Territorial Indices for OTC contracts are calculated only subject to the following conditions:
- Total volume of contracts included in the basis for calculation of Territorial Indices is at least 300 tons.
- Basis of calculation of Territorial Indices includes at least three (3) 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.
Netback Indices are calculated as the weighted sum of Netback Prices at refineries located in the corresponding territory. In this case weights are the total volumes of exchange-traded contracts included in the calculation of the respective Consolidated Prices at refineries for exchange-traded contracts.
The calculation takes into account the seasonality of diesel fuel and uses calculation periods (Territorial 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 Territorial Indices.
Neither adjusting factors nor transportation tariffs are used in the calculation of Territorial Indices. The only information used is contract prices and volumes. Therefore, Territorial Indices are the most precise indicator of the current average prices for exchange-traded and OTC-traded refined products at refineries located in the corresponding domestic Russian market.
