Platts renames Latin American product assessments to reflect DAP Incoterm

Platts, part of S&P Global Commodity Insights, has renamed some of its Latin American refined product assessments with effect from July 24, 2024, to reflect a change in the typical incoterms used in regional oil trade.

The names and underlying methodology of these delivered assessments for jet fuel, gasoline and ULSD previously reflected Cost, Insurance, Freight (CIF) and Cost and Freight (CFR) delivery. More details can be found in the Platts Americas Refined Oil Products Specifications Guide, available here.

Platts has changed these to Delivered at Place (DAP), an Incoterm which indicates that the seller will deliver the product at a specific place and will incur all of the costs related to the cargo.

The change from CIF and CFR to DAP follows industry feedback and observed changes in trading patterns and tender offers, and follows a decision note published June 26: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/062624-platts-to-rename-latin-american-product-assessments-to-reflect-dap-incoterm.

The Incoterm, name and description changes are as follows:

This change was first proposed in a subscriber note published June 7: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/060724-platts-proposes-to-rename-latin-american-product-assessments-to-reflect-dap-incoterm.

Please send any comments and questions to americas_refined_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.