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DMCC plans gasoline futures contract
DUBAI — The Dubai Multi Commodities Centre (DMCC) announced that it is in the exploratory stages of developing a gasoline contract, to be traded on the Dubai Gold and Commodities Exchange (DGCX) in 2007.
The gasoline contract extends DMCC's energy operations, which currently comprises the fuel oil futures contract, set to be launched later this year.
According to Tilak K. Doshi, Executive Director for Energy at DMCC, the rationale for gasoline as the next futures contract on the DGCX is compelling. "Gasoline pricing practices in the Middle East are in need of serious reform, having long ceased to adequately serve the region's need for an efficient and transparent pricing system."
"Currently, pricing for gasoline is based on a mix of pricing references which include a freight-adjusted Mediterranean basis, Singapore-basis, and a regional naphtha quote which itself is a 'net-backed' price from the Far East," said Doshi. "In an era of ever higher and volatile prices, this contract would provide an efficient tool to hedge price risk for both consumers and refiners in the East of Suez region," he added.
Gasoline is the only hydrocarbon fuel in which the Middle East as a region is net short, with Iran rating as one of the world's largest importers of the product.
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