South Korea’s bourse operator said Sunday that kerosene will be traded on its spot market later this month to further expand the country’s commodity spot trading market.

Starting Oct. 26, Kerosene will begin trading from 10. A.m to 5 p.m through the system, with the basic trading unit set at 20.000 liters, according to the Korea exchange.

Kerosene, or lamp oil, is widely used as a fuel in industry and households, with South Korea’s consumption reaching 15.43 million barrels in 2014.

“We have completed the spot oil market for three types of light crudeoils-gasoline, diesel and kerosene,” said the KRX in a statement.” It will help the spot oil market develop further.” (yonhap)

source : The Korea Herald Newspaper, Monday , October 19, 2015