Refined product indices methodology included in Bank of Russia register
The methodology included in the Bank of Russia’s register stipulates the procedure for calculating a group of exchange and over-the-counter wholesale price indices for petrol, diesel fuel, jet kerosene, fuel oil, and liquefied petroleum gases. The methodology was developed by The Saint Petersburg International Mercantile Exchange (SPIMEX).
The methodology was approved by the interagency commission following the discussion with the Federal Antimonopoly Service of Russia, competent agencies, and market participants.
The indices reflect the dynamics of refined product prices both nationwide and in particular production regions. Some of them are already used by competent agencies and market participants, including as a settlement price for cash-settled futures contracts.
Including the methodology in the register will expand the use of the indices in the market and enhance confidence in pricing financial instruments linked to these indices.
The methodology for calculating the indices and disclosing the results is available on the SPIMEX page.