Russia's anti-monopoly watchdog suspends use of stock market indices in govt fuel procurement until end of year
MOSCOW. Aug 10 (Interfax) - Russia's Federal Anti-monopoly Service (FAS) has suspended FAS Order No. 894/24 of November 22, 2024, until December 31, 2026, the FAS posted on the portal of public legal information.
Consequently, the FAS has suspended the use of exchange-traded and over-the-counter indices for fuel procurement for government needs until the end of the year.
As reported, a seasonal surge in fuel consumption has coincided with a series of unscheduled maintenance work at refineries in Russia in 2026, with restrictions on sales volumes at filling stations consequently being implemented in various regions. The price of summer diesel fuel and gasoline is high on the St. Petersburg International Mercantile Exchange (SPIMEX). Federal State Statistics Service (Rosstat) data indicate that consumer prices for gasoline have been spiking in Russia.
The government has amended the trading of petroleum products on the SPIMEX owing to the problems on the fuel market, namely limiting price increases for all types of petroleum products, as well as modifying the trading system, to ensure that exchange-sold fuel volumes go directly to end consumers, eliminating intermediaries.
The standard for gasoline exchange sales has been temporarily reduced to 10% from 15% from July to September. The Energy Ministry said that the exchange standard for diesel would be reduced to 10% from 16%, though no timeframe has been provided, and the relative change has not yet been included in government documents.
Meanwhile, Russian authorities are considering reducing the standard for gasoline exchange sales to 2% of production, according to Deputy Prime Minister Alexander Novak, who explained the measure as a way to allow volumes previously sold on the exchange to be sent through direct contracts to farmers, for northern deliveries, or to certain regions experiencing specific difficulties with fuel supplies. Sources have also told Interfax about the possibility of reducing the standard to 2% for diesel.
