What is Platts FOB Singapore Gasoil?
The term 'Platts FOB Singapore Gasoil' refers to the physical price of gasoil loading on FOB Straits 15-30 days forward from the date of publication. Gasoil grades assessed by S&P Global Platts include 2500 ppm, 500 ppm, 50 ppm and 10 ppm sulfur gasoil.
The Gasoil benchmark price is the primary physical market pricing reference for gasoil loading or delivered to traders, refiners and end users in Asia. The current benchmark reflects 500 ppm sulfur gasoil, which has been assessed since July 17, 2000.
Underpinned by firm economic growth in Asia, demand for the multi-use fuel has grown and now Asia is a leading producer of gasoil as well as a key consumer, thus making the FOB Singapore Gasoil assessment a key pricing benchmark for the whole world.
Annual gasoil exports from the main regional refinery centers South Korea and India have risen to more than 20 million mt each, while large demand centers in Asia Pacific, such as Australia, see imports of similar volumes, data from the Joint Oil Data Initiative shows.