NIOPDC Will Oversee Gasoline Transactions on Burse
NIOPDC Will Oversee Gasoline Transactions on Burse
The price of gasoline on Kish Commodity Exchange will be based on the FOB prices in the Persian Gulf region and the National Iranian Oil Products Distribution Company (NIOPDC) will oversee the trade of the commodity, NIOPDCs managing director said on Monday, April 25.

Alireaza Zeighami noted that five main oil products including gasoline, gas oil, kerosene, fuel oil and liquid gas are distributed across the country based on fixed prices set by the government and in case of surplus, the products would be offered on the commodity exchange.

Noting that currently six oil products produced by domestic oil refineries are traded on export ring of Kish Bourse, Zeighami added that in addition to some oil byproducts including lube cut and V.B, surplus gasoline would be offered for sale as well.

Following the implementation of the targeted subsidies law, gasoline and gas oil consumption has been reduced remarkably so there is the possibility to offer surplus gasoline and fuel oil on bourse, considering the fact that meeting domestic consumption is a priority, NIOPDC noted.

Underlining the importance of gasoline as a strategic commodity, Zeighmai noted that only those traders, who have been recognized eligible by the Burse Organization, are authorized to trade the fuel and NIOPDC in cooperation with the Burse Organization will oversee the transactions through setting needed mechanisms.

Following giving necessary permissions to the ministry of petroleum on exporting 1.5 billion liters of gasoline late last year, NIOPDC asked to be authorized to offer the product on the bourse. The demand was accepted yesterday and it was set the product to be listed monthly on the export ring of the kish Bourse.

In the first phase, NIOPDC will offer 30 thousand tons of gasoline each month that could be increased in the event of rising demand.