Oil Product Prices Subordinated to Global Price Hike

Mazloumi told Shana that regarding nine percent increase in the prices as a result of forex parity rate and about 15 to 16 percent increase in global prices, the oil products’ rate received about 25 percent increase.

As for the offer of oil products at the Iran Energy Exchange (IRENEX), Mazloumi said the oil products supplied to the IRENEX at benchmark price will result in balance of supply and demand and transparency of exchanges.

He said up to so far, the exported oil products were valued at free forex rate and Iranian purchasers used exchange rates for the purpose.

Since manufacturing companies, including the petrochemical companies, have since long ago followed free rate for the price coding, so based on the recent approval of the NIOPDC, oil produces will from now on been offered at the IRENEX at latest prices and at free rates.

He said the rate announced by the NIOPDC will serve as benchmark price for the supply.

He believes that with supply of oil products to the IRENEX and transparency of dealings, all purchasers will have equal chance of trading.

The official said the NIOPDC follows the most transparent mechanism for sale and export of oil products. “If the price declared in the IRENEX, fails to bring about vibrancy and improve the exchanges and related mechanisms, it will be possible to adjust the prices.”