Peru completes switch to use of Argus prices for fuel imports

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Feb 03, 2022, 10:01 ET

HOUSTON, Feb. 3, 2022 /PRNewswire/ -- Peru's commodity regulator Osinergmin has switched to using Argus prices to monitor imports of gasoline, diesel, jet and bunker fuel, LPG and biofuels, from this January.

Published by global energy and commodity price reporting agency Argus, the prices are based on the active US Gulf coast markets from which Peru sources most of its approximately 200,000 b/d of oil imports. Transportation costs published in Argus Freight are also included in the monitoring process.

Osinergmin adds further variables to account for demurrage, quality adjustments, port, terminal and pipeline costs and publishes the resulting fully costed prices on its website every Monday.

Peruvian state-owned oil company PetroPeru, which is responsible for more than half of Peru's imports, started using Argus to price its import tenders in 2017. This latest move by the regulator means that other importers will now be expected to base their own prices on Argus assessments, which offer accurate and transparent measures of value.

Argus Media chairman and chief executive Adrian Binks said: "We welcome the decision of the Peruvian regulator to switch to Argus prices. We work hard to provide representative and useful price information about these key energy markets. Osinergmin's choice of Argus is a valued endorsement of the quality of our work."

The official prices are based on Argus price assessments as published in Argus US Products, Argus International LPG, Argus Americas Biofuels, Argus Biofuels and Argus Freight

Argus contact information

Houston: Matt Oatway
+1 713 968 0000
Email Matt

London: Seana Lanigan
+44 20 7780 4200
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Singapore: Tomoko Hashimoto
+65 6496 9960
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Moscow: Alexey Komarov
+7 495 933 75 71
Email Alexey

About Argus Media

Argus is an independent media organisation with more than 1,100 staff. It is headquartered in London and has 26 offices in the world's principal commodity trading and production centres. Argus produces price assessments and analysis of international energy and other commodity markets and offers bespoke consulting services and industry-leading conferences.

Companies in 140 countries around the world use Argus data to index physical trade and as benchmarks in financial derivative markets as well as for analysis and planning purposes.

Argus was founded in 1970 and is a privately held UK-registered company. It is owned by employee shareholders, global growth equity firm General Atlantic and Hg, the specialist software and technology services investor.

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