Platts to launch India oil benchmarks on June 1

Following extensive industry feedback, Platts will launch its proposed series of new Indian oil price benchmarks on June 1, 2009.

The new assessments will appear on Platts Global Alert page 2021 and in the Arab Gulf/Asia Pacific Marketscan.

These new assessments, which were announced at Platts' oil forum in Dubai on March 10 and further detailed in a note to subscribers on March 20, will be created by netting back value from spot markets in Singapore and Japan.

The Mean of Platts West India Netbacks (MOPWIN) for jet kerosene, 95 octane gasoline, and three grades of gasoil (10ppm sulfur, 500 ppm sulfur and 2500 ppm sulfur), will be derived by deducting freight costs from the assessments for those products in Singapore.

MOPWIN naphtha will be derived by deducting shipping costs from Japan's benchmark cargo market.

Platts' existing Singapore assessments can be found on PGA page 6. Platts' existing freight assessments can be found on PGA page 904. Platts' Japan naphtha assessments appear on PGA page 43.

Platts invites all further questions and comments on this proposal from all interested parties by May 15, 2009. Please send all feedback to asia_products@platts.com and pricegroup@platts.com.