"Rosneft" gave traders the "fuel holiday"

15 November 2018

Corporation "Rosneft" has suddenly stopped stock sales of motor fuel

Largest fuel supplier to the Russian market – Corporation"Rosneft" suddenly stopped on 15 November auction of motor fuel (gasoline, diesel fuel and aviation kerosene, retaining only the sale of fuel oil) on the stock exchange SPIMEX. Thus, without its core of the product is not owned by oil companies, i.e. independent of gas stations and traders.

Chief Executive officer oil and gas company PJSC "Rosneft" Igor Sechin

The head of "Rosneft" Igor Sechin made claims to independent gas stations, calling their activities cause the growth of fuel prices, in response to what they in turn blame the fact that the government's policy to contain retail prices combined with monopolistic actions of oil companies literally puts their gas stations on the brink of closure.
In the end, the speculators dropped today, the volume of sales of petroleum products by 20% to 67.6 thousand tons. In "Rosneft" the situation has not yet commented.
As you know an alternative to stock sales serve as OTC wholesale transactions and fuel exports, which will inevitably increase.
While the joint order of FAS and the Ministry of energy States that: the largest oil company not less than 10% of its production of gasoline and jet fuel and 5% diesel fuel production are required to implement it on the exchange. So, according to the requirements of "1035 th" decree of the government of the Russian Federation from 2012, the sales of fuel should be evenly and regularly throughout the month. The requirements of government stock sales into account in trade policies of oil companies, including "Rosneft". So this company had previously agreed with the FAS with its own corporate standards for the sale of petroleum products on the domestic market, which, incidentally, was one of the main conditions set by the government to allow the preservation of almost all of the network stations the takeover by Rosneft of TNK-BP.