Petronas drops March crude price factor to $4.05/bbl

SINGAPORE: State oil firm Petronas has set the price factor for Malaysian Crude Oil (MCO) for March at $4.05 per barrel, down 15 cents from the previous month, the company said on Tuesday.

The monthly price factor is added to the average of Platts’ dated Brent prices published in the month to derive the Malaysian crude official selling price (OSP).

Petronas changed its OSP mechanism effective January 2017, basing its benchmark price on a basket of four Malaysian crude grades Labuan, Miri Light, Kikeh and Kimanis.