TNK-BP announces that it has begun applying the Principles for Pricing and Sale of Diesel Fuel on the RF Wholesale Market, devised jointly with the Federal Antimonopoly Service.
The document has been published on TNK-BP’s website and can be accessed via the following link: http://www.tnk-bp.com/procurement/politika_tsenoobrazovaniya_v_tnk_bp/.
TNK-BP will now set diesel fuel prices using a transparent and open methodology that will be applied equally to all counterparties. The price calculations will be based on three key indicators: the off-exchange domestic market price index, the exchange index and export parity.
Information on the price setting procedure will be public and accessible to all interested market players.
Compliance with the new principles for pricing and sale of diesel fuel is mandatory for all TNK-BP staff involved in the process of selling oil products on the RF wholesale markets.
In its approach to selling diesel fuel the Company will seek to ensure priority satisfaction of the oil product requirements of the Russian domestic market, equal access and equal contractual terms for all counterparties. At the same time, unjustified refusal to execute contracts with buyers on economic and(or) technological grounds will be impermissible.
The Company follows similar principles for pricing and sale of motor fuels. In June 2012 TNK-BP became the first Russian oil company to approve and place in open access the detailed procedure by which it determines its own pricing policy on the fuels wholesale market.
“Realizing the importance of fostering clear and transparent rules on the Russian fuels market, TNK-BP in close cooperation with the Antimonopoly Service is systematically building its own pricing policy for the oil products wholesale market. The Company’s approach is underpinned by the principles of openness, transparency and non-discrimination. TNK-BP has taken another step toward creating an efficient and transparent oil products market in Russia, from which the consumer stands to gain most of all”, said German Khan, TNK-BP’s Executive Director.