Petronas hikes crude price factor

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Oil and gas company, Petroleum Nasional Bhd (Petronas) has raised the Tapis crude price adjustment factor "p" for January pushing it higher to a fresh record of $7.80 per barrel, rose by $0.30 from $7.50 for December, an industry source said yesterday.

The "p" factor is used to calculate the official selling price (OSP) of Malaysia's main export crude. Using a formula comprising the average of the month's Tapis assessments from the Asian Petroleum Price Index plus the "p" factor, Malaysia sets the Tapis OSP on a retro-active basis.

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