Idemitsu Kosan Co., Japan's second-biggest refiner, may follow the example of Nippon Oil Corp. in adopting a new pricing method to better reflect soaring crude-import costs, company President Akihiko Tembo said Wednesday.
Starting in October, Idemitsu may link its wholesale prices to overseas fuel prices and ex refinery prices assessed by Rim Intelligence Co., a local pricing agency, Tembo told reporters in Tokyo.
Nippon Oil said last week it will apply a formula based on futures contracts on the Tokyo Commodity Exchange and those published by Rim. Under the old method, refiners negotiated prices with branded wholesalers based on costs, including crude imports.