Published September 18th, 2008
Idemitsu to change oil prices weekly
Major oil wholesaler Idemitsu Kosan Co. will begin revising its oil products’ wholesale prices every week starting in October to more promptly reflect changes in crude oil prices, the company said.
Idemitsu’s new pricing system will replace its current twice-a-month price revision method.
Nippon Oil Corp., the nation’s No. 1 oil wholesaler, also plans to change its wholesale prices every week starting in October, instead of setting wholesale prices on a monthly basis as it does now.
Because of the change, major price fluctuations likely will occur weekly, though retail prices at gas stations will see minor daily changes.
Beginning in October, Idemitsu will set wholesale prices every Monday based on inter-dealer spot market estimations released by private research institutes. (more…)


