Platts clarifies application of Superfund tax for US refined product assessments

Platts, part of S&P Global Commodity Insights, would like to clarify that the reinstatement of the US excise tax that funds the federal Hazardous Substance Superfund, known as the petroleum Superfund tax, has been applied to its delivered New York Harbor gasoline cargo assessments, effective Jan. 3, 2023.

The US government reinstated the Superfund tax with effect from Jan. 1, 2023, at a rate of $0.164/barrel (0.39 cent/gal) on domestic crude oil and imported refined products. The tax had previously expired in 1995.

The reinstatement of this tax has been applied to the Platts New York "inside duty and RINs" gasoline cargo assessments and the corresponding Duty+RINs assessments. In addition to the petroleum Superfund tax, the New York Harbor import cargo assessments include the costs of RINs credits, as well as a Harbor Maintenance Fee, Merchandising Process Fee, Spill Tax, and duty.

This was published in a subscriber note Jan. 3 here.

Platts would like to clarify that all other Platts US refined product assessments inherently reflect the value of any taxes, including the Superfund tax, which may have already been applied previously. This is in line with the application of other taxes such as the Spill Tax.

Please send all comments, feedback, and questions to americas_products@spglobal.com and pricegroup@spglobal.com.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.