Document ID: chunk:federal_register_of_legislation:F2021L01011:reg:12:p1
Version: federal_register_of_legislation:F2021L01011
Segment Type: reg
Provision Reference: reg 12 (pt 1/3)
Character Range: 14277–16870

12  Rate of fuel security services payment
 (1) For subsection 43(1) of the Act, the number of cents per litre for each FSSP fuel is:
 (a) if the rate (R) worked out under subsection (2) is equal to or greater than 1.8—1.8 cpl; and
 (b) if the rate (R) worked out under subsection (2) is between 0 and 1.8 cpl—that amount; and
 (c) if the rate (R) worked out under subsection (2) is equal to or less than 0—0 cpl.
 (2) For subsection (1), the rate is given by the following formula:
where:
R is the rate of the fuel security services payment in cpl for a quarter, rounded to two decimal places.
MMt is the margin marker for each month (t) in the quarter, determined under subsection (3).
 (3) For subsection (2), MM for a month is given by the following formula:
where:
FP is the assumed price of FSSP fuels and fuel oil applicable to the refinery for the month, based on an average price weighted by yield of each fuel, in cpl, determined under subsection (4).
CP is the average price of crude oil for the month, in cpl, converted to litres and Australian dollars, from the monthly "Kimanis (Asia close)" price published by S&P Global Platts (Platts code: AASCL00) in United States dollars per barrel.
BD is the basis differential, in cpl, representing the historical differences between the margin marker in the guidelines and the margins of the refinery either:
 (a) specified in the guidelines for the refinery (and converted from dollars per barrel to cpl); or
 (b) if not specified in the guidelines—determined by the Minister in approving an application under section 40 of the Act, taking into account the operating environment for each refinery.
SRF is the cost of shipping refined fuel from Singapore for the product mix of the refinery for the month, in cpl, determined under subsection (5).
SC is the cost of shipping crude oil from Indonesia for the month, in cpl, determined under subsection (6).
 (4) For subsection (3), FP is given by the following formula:
where:
f is the fuel types being:
 (a) gasoline;
 (b) diesel;
 (c) kerosene;
 (d) fuel oil;
 (e) marine fuel oil.
Pf is the price of the fuel type f for the month, in cpl, converted to Australian dollars and litres, from the monthly average price of the following:
 (a) for gasoline—"Gasoline Unl 95 FOB Spore Cargo" published by S&P Global Platts (Platts code: PGAEZ00) in United States dollars per barrel;
 (b) for diesel—"Gasoil 0.001% S (10 ppm) FOB Spore Cargo" published by S&P Global Platts (Platts code: AAOVC00) in United States dollars per barrel;
 (c) for kerosene—"Jet Kero FOB Spore Cargo" published by S&P