Refined oil spot trading put on line in BPEXHome > News and Events  > Events 

Refined oil spot trading is put on line officially in BPEX on February 14, 2014, signaling the formal operation of the online trading platform integrating whole sale and retail of oil products. The trading product in the first phase is No.93 gasoline in accordance with the fourth stage of national emission standards.

Refined oil, as important goods in people’s life and production is on the gradual rise year on year in terms of its consumption. In 2012, the apparent consumption of refined oil in China reached 251 million tons. The refined oil is priced by referring to the international crude price. Therefore, the price of refined oil in domestic market has been increasing constantly against hiking international crude price. Moreover, in the first half of last year, National Development and Reform Commission shortened refined oil price adjustment circle to 10 working days, making it more urgent for national refined oil businesses to ease the price volatility risks. In the meantime, along with the expanding individual consumption group in domestic market and rising oil price, consumers also need a platform to lock the oil costs.

   The refined oil spot trading launched by BPEX is required by the development and need of oil market. The rationale behind the trading is that resource company members (refined oil companies) quote their buy and sell price through BPEX and customers buy or sell refined oil base on the quoted price with physical delivery possible at any time.

The trading platform has integrated spot businesses dealing in production, wholesale, retail and other links of refined oil in domestic market. Sound storage, logistics and gas station network have been established to serve fast and convenient spot delivery. The platform can help widen business channels for refined oil companies. It can also ensure for customers gas refilling anytime at any gas station and value maintenance by locking oil costs based on liter. Thus, consumers can be free from the troubles of oil costs caused by increased oil price.

So far, there are nearly 80 member serve organizations in BPEX who enjoy sophisticated market development and customer service network and consequently are able to provide related services such as account opening and business consultancy for nationwide customers.