FAS RUSSIA: OIL COMPANIES WILL SWITCH TO DIGITAL PLATFORM “COMMODITY SUPPLY OPERATOR” WITHIN A YEAR

It will solve most of the fuel transportation issues

It was announced by the Deputy Head of the FAS Russia Vitaly Korolev at the forum “Commodity exchange market”.

He noted that the platform provides an opportunity to track the performance of the contract of carriage from the moment of delivery by the carrier to receipt at the destination station. The entire supply chain is also monitored, as well as automated pricing control at all stages of fuel transportation.

The situation on the fuel market is under constant control of the FAS Russia. From September 2023 to February this year, 30 cases were initiated against the subsidiaries of oil companies and independent participants. Measures have been taken against violators of the exchange trading rules for unfair practices. Last year 26 traders were temporarily suspended, in 2024 – 10 traders, in total 103 fines and 57 warnings were issued during the same period. Currently the issue of tightening the criteria for exchange trading to prevent violations is under consideration.

Besides, an incident for control and monitoring of the situation on the oil products market was created at the Analytical Center under the Government of the Russian Federation, within the framework of which issues of fuel supply and pricing are discussed. A similar tool works on the market of mineral fertilizers.

The Deputy Head of the FAS Russia said that after the adoption of the joint order of the FAS Russia and the Ministry of Energy the exchange trade in coal is actively developing. As of March 26, 2024, the volume of coal sold amounted to more than 500 thousand tons.

Vitaly Korolev said that one of the goals of the FAS Russia for 2024 is to develop a system of national price indicators.