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The Oil Taxation (Market Value of Oil) Regulations 2006
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This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Oil Taxation (Market Value of Oil) Regulations 2006 No. 3313
The average reference value: notional delivery day a Saturday, or a Bank Holiday which is not a Monday, and for which reference values not available
10.—(1) If the notional delivery day is not a day for which reference values are available but is a Saturday, or a bank holiday which is not a Monday, find the daily average of the reference values from each of the three relevant reports for—
(a)each of the three business days immediately preceding the notional delivery day; and
(b)each of the two business days immediately following the notional delivery day.
(2) If any of the relevant reports contains more than one reference value for any of these dates, the result for that report for that date is the arithmetical mean of those values.
(3) Find the average of the daily averages found for each of the five days referred to in paragraph (1).
(4) The result is the average reference value for the notional delivery day.
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