Japan's Cosmo to revise wholesale oil prices weekly

Cosmo Oil, Japan’s fourth-biggest oil refiner, said that starting in April, it plans to begin revising its wholesale gasoline and other oil prices every week to better reflect spot market prices on the retail level, shifting from its current monthly adjustment scheme. Cosmo Oil’s rivals have also introduced the weekly pricing system this year. Cosmo Oil will start negotiations with service stations on the proposed change from next month, a company spokesman said. The weekly adjustments will take into account changes in market prices. (December 22, 2008)