TOKYO - Cosmo Oil Co (5007.T), Japan's fourth-biggest oil refiner, said on Monday it plans to begin revising from April its wholesale gasoline and other oil prices every week to better reflect spot market prices on the retail level.
The company now adjusts prices of most products it sells to gasoline stations once a month.
But Cosmo Oil has decided to follow many of its rivals that have 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.
"We are trying to boost transparency and fairness," he said.
The weekly adjustments will take into account changes in market prices, although Cosmo Oil declined to comment on the details.
The company now adjusts prices of most products it sells to gasoline stations once a month.
But Cosmo Oil has decided to follow many of its rivals that have 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.
"We are trying to boost transparency and fairness," he said.
The weekly adjustments will take into account changes in market prices, although Cosmo Oil declined to comment on the details.
