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Idemitsu to Revise Wholesale Gas Prices Every Week
 

Tokyo, Sept 16, 2008 (Jiji Press) - Major Japanese refiner Idemitsu Kosan Co. <5019> said Tuesday that it will link wholesale prices of gasoline and other oil products with market prices and revise them every week beginning October.

Compared to the company's current method of revising wholesale prices twice a month, the new pricing method will reflect demand and prices more promptly.

The move could drive down the average retail price of regular gasoline in Japan below 170 yen per liter, compared with 174.5 yen on Sept. 8, as crude oil prices are in a free fall on shrinking demand.

Idemitsu will calculate wholesale prices by adding such items as the cost of logistics and profit onto market prices.

The company will offer its clients new prices each Thursday. It will also make public price ranges from the previous week.

Idemitsu has been revising wholesale prices on the basis of its latest oil procurement costs, leaving its earnings deteriorating due to its failure to pass increased procurement costs onto prices in a timely manner.


By Jiji Press, (c) Jiji Press

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