Iran changes pricing of petrochemical products at its mercantile exchange

Business Materials 23 October 2021 09:08 (UTC +04:00)

TEHRAN, Iran, Oct.23


Iran is eliminating the official pricing formula for sale of petrochemical products at Iran Mercantile Exchange, to encourage competitiveness, said the Deputy Minister of Industries, Mine and Trade Mohammad Sadegh Mofateh, Trend reports citing Mehr News Agency.

The new mechanism will also remove rationing of petrochemical products during the mercantile exchange transactions next week, Mofateh noted.

According to this plan, sale of petrochemical and steel products will be managed under supervision of the Securities and Exchange Organization of Iran.

The reform will result in displaying real value of the products that would be beneficial for all the producers and real consumers.

Pricing of steel and petrochemical products and other essential goods are effected by USD exchange rate, which led to the mentioned reform in the first place.