Isfahan Oil Refining Company (Shapna) has detailed the changes in the new pricing guidelines for crude oil and petroleum products approved on 15th of Mehr 1405 by the Council of Ministers in a letter published on the Codal system.
Changes in Pricing Calculation Formulas
According to this report, changes have been made to the pricing calculation formulas for the year 1405 in the new pricing guidelines. These changes include modifications to the light and heavy formulas, the application of a quality index for sulfur, and changes in the calculation methods for API quality indices, with details of the eight items communicated to the market.
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Impact of the Guidelines on Revenue and Net Profit
An important point in examining the performance of the second half of the year 1405 with the impact of the new guidelines in emergency conditions is that, considering the new pricing guidelines and the reduction of the discount on light crude oil by $3 per barrel, the exchange rate and the amount of the product production basket, the revenue from sales has not changed. Due to the increase in oil prices, the cost price has risen, ultimately leading to a decrease of 14 trillion tomans in the net profit of this company.
The company has stated that the crude oil price in the second half is considered to be $90 per barrel and the exchange rate is set at 188,000 tomans. Additionally, since clause 7 of the mentioned guidelines conditions the use of the guidelines on the Ministry of Oil's discretion, the government's and Ministry of Oil's policies regarding defining emergency conditions at a given time will depend on the country's circumstances.
There will be no certainty regarding the company's monthly reports, and changes may occur before receiving the final invoice. The company's calculations are not definitive, and any significant changes will be communicated through the Codal system.
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