Idemitsu to set wholesale oil prices based on own outlook

Idemitsu Kosan Co. said that from July 3 it will set its domestic wholesale prices of gasoline, kerosene, gasoil and A-fuel oil based on its own price outlook rather than recent benchmarks, to better reflect rapid changes in crude oil prices. The Japanese oil refiner currently revises its wholesale prices every Wednesday for a week starting on the following Saturday, using recent prices of oil futures contracts on the Tokyo Commodity Exchange and spot prices quoted by oil information firm RIM Intelligence Co. Idemitsu will continue to revise the prices weekly and to monitor Tocom and RIM prices, but the revision will be based not on past data but on its own forecast, a company spokeswoman said. The forecasts will be made every Friday, and prices will be set for the week starting the next day, she said. (June 15, 2010)