Platts recommends Singapore gasoil diff at $1.70/b

After broad consultation and reviewing extensive feedback from the industry and other interested parties, Platts recommends a one-time differential of $1.70/barrel that may be used in amending gasoil derivatives and other contracts that will settle against Platts' Singapore Gasoil benchmark assessment from January 2013 onwards.

The differential is based on an analysis of the difference between FOB Singapore Gasoil 500 ppm sulfur and FOB Singapore Gasoil 0.5% (5,000 ppm) sulfur during 2011 and early 2012.

Platts announced in July 2011 that its Singapore "0.5%S Gasoil" assessment would be renamed Singapore "Gasoil" on January 3, 2012, and stated that Platts intended to steadily reduce the amount of sulfur reflected in the benchmark assessment over time.

Platts announced in November 2011 that it would lower the sulfur specification of the flagship Singapore Gasoil assessment to 500 ppm from the current 5,000 ppm on January 2, 2013.

The assessment appears on real-time service Platts Global Alert PGA 6, in APAGScan and in Oilgram Price Report.

Please send comments and questions to oilgroup@platts.com and pricegroup@platts.com.