Largest US MTA switches fuel price indexation to Argus
New York, 18 May 2015
The New York Metropolitan Transportation Authority (MTA) has announced a long-term fuel supply contract using price assessments published by global energy and commodity news and price reporting agency Argus.
The New York MTA awarded Sprague Operating Resources a five-year contract to purchase and deliver ultra-low sulfur diesel (ULSD) fuel on an Argus basis, following a formal bidding process. The contract runs from 1 July 2015 to 30 June 2020, and is for the provision and delivery of about 48mn gallons/yr of ULSD to 28 locations.
“We are delighted that New York’s transportation authority has made the switch to using Argus for its fuel price contracts,” Argus Media chairman and chief executive Adrian Binks said. “This move is another example of the increasing adoption of Argus prices in the US downstream sector.”
Argus gasoline and diesel price assessments are widely used across the US by major refiners, diesel retailers and municipalities. Government entities find the Argus method of assessing prices based on an entire day of trade to align with their need for transparency and reliability.
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About Argus Media
Argus is an independent media organisation with more than 700 full time staff. It is headquartered in London and has offices in each of the world’s principal commodity centres. Its main activities comprise publishing market reports containing price assessments, market commentary and news, and business intelligence reports that analyse market and industry trends.
More than half of Argus employees are commodity journalists who specialise in reporting news and price information relating to physical energy and related commodity markets. They operate according to a rigorous Editorial Code of Conduct and a compliance and ethics policy that align with best journalistic practice, including the avoidance of conflicts of interest.
Argus is a leading provider of data on prices and fundamentals, news, analysis, consultancy services and conferences for the global crude, oil products, natural gas, electricity, coal, emissions, bioenergy, fertilizer, petrochemical, metals and transportation industries. Data provided by Argus are widely used for indexation of physical trade. Companies, governments and international agencies use Argus information for analysis and planning purposes.
Argus has 20 offices globally, including London, Houston, Washington, New York, Calgary, Rio de Janeiro, Singapore, Dubai, Beijing, Tokyo, Sydney, Moscow, Astana and other key centres of the commodity industries. Argus was founded in 1970 and is a privately held UK-registered company.
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