Malaysia raises oil price

Malaysia raises oil price

SINGAPORE (Reuter): Malaysian state oil company Petronas has hiked its February lifting Tapis crude oil price by 16 cents to US$21.05 per barrel against $20.89 in January, traders said.

Current fixed differentials against Tapis for other Malaysian grades Labuan and Miri are unchanged, with Labuan 10 cents above Tapis, Miri 10 cents below Tapis and Bintulu 30 cents below Tapis.

For March, Petronas set a premium of 85 cents per barrel for term crude oil sales against 80 cents for February.

Petronas discounted the price of February Dulang by one cent per barrel to $20.29 against $20.30 previously.

From last July, Petronas set a new price formula for Tapis using quotes on a weighting of 50 percent APPI and 50 percent Platt's and an adjustment to be determined by Petronas.