FAS will establish a standard for sales of petroleum products on the derivatives market

The Federal Antimonopoly Service (FAS) and the Russian Ministry of Energy have released a joint project, which will provide for the sale of 1% of the minimum standard for the sale of diesel, gasoline and liquefied hydrocarbon gas (LPG) on the exchange. This was reported to Vedomosti in the FAS.

“This segment of the market includes deliverable futures contracts: the parties enter into a contract, according to which, within a certain period, one of them must purchase the goods, and the second one must sell,” the press service said.

The FAS noted that now the sales standards are 12% for gasoline, 8.5% for diesel and 7.5% for LPG. Such measures will allow to implement 1% of these standards. According to the service, this will allow companies and consumers “to ensure stable sales and purchase of the required volume with delivery for a certain month.”

In addition, the measure will consolidate the development of commodity supplies. Russian Railways. The innovation will make it possible to make the delivery of goods by rail open to both sellers and buyers, the representative office concluded.

On plans to set standards for the sale of petroleum products on the derivatives market FAS declared back in May 2022. Then the department also stated that the introduction of such a measure would allow companies and consumers to ensure stable sales and purchase of the required amount of fuel.

In the summer of 2022, the antimonopoly service was proposed transfer gas supplies for industrial consumers of natural gas and liquefied hydrocarbon gases to the “price target of exchange regional indices” from 2024

Then the representative of the service explained to Vedomosti that this initiative was put forward as part of the National Plan for the Development of Competition until 2026, which was approved by the Cabinet of Ministers in the fall of 2021. According to the proposals of the FAS, large consumers of gas will be able to choose the method of its purchase – on the exchange or over the counter contracts.

In addition, the service proposed to introduce exchange gas futures, which at the first stage are proposed to be concluded for 2-7 months. According to the department, they will allow “long-term planning of purchases with transparent pricing.”