10Transaction prices—relevant delivery price

10 Transaction prices—relevant delivery price

(1) The relevant delivery price, for a quantity of crude petroleum oil loaded on a ship, or delivered by pipeline, under a contract of sale is: (a) for oil loaded on a ship under an f.o.b. contract or delivered by pipeline—the excisable quantity price for that oil; or (b) otherwise—the excisable quantity price for that oil less the excisable quantity cost for that oil.

Note: For the excisable quantity price, see subsection (2). For the excisable quantity cost, see subsection (4).

Excisable quantity price (2) The excisable quantity price, for all or part of a quantity of crude petroleum oil entered for home consumption during a month, is the amount (expressed as an amount of Australian dollars to the nearest cent) equal to the proportion of the applicable whole price for that oil that is the same as the proportion: Start formula start fraction Total quantity of excisable crude petroleum oil entered for home consumption during that month by the relevant oil producer over Total quantity overall end fraction end formula where:

total quantity overall means the total quantity of:

(a) excisable crude petroleum oil entered for home consumption during that month by the relevant oil producer; and
(b) any other crude petroleum oil mixed with that oil at the time of that entry.

(3) The applicable whole price, for a quantity of crude petroleum oil loaded on a ship, or delivered by pipeline, under a contract of sale, is the following: (a) if: (i) the contract is a contract, other than an f.o.b. contract or any other contract under which the quantity of oil sold is the quantity of oil loaded on a ship, under which a quantity of oil is loaded on a ship (the loaded quantity); and (ii) the amount of the sale price under the contract is to be worked out by reference to the quantity of oil delivered under the contract (the delivered quantity); and (iii) the loaded quantity exceeds the delivered quantity by more than 0.5% of the loaded quantity; the result of the following formula (expressed as an amount of Australian dollars to the nearest cent): Start formula open bracket Loaded quantity minus 0.005 times Loaded quantity close bracket times Price per kilolitre of oil under the contract end formula (b) otherwise—the price indicated in the contract as the sale price, expressed as an amount of Australian dollars to the nearest cent. Excisable quantity cost (4) The excisable quantity cost, for all or part of a quantity of crude petroleum oil entered for home consumption during a month, is the amount (expressed as an amount of Australian dollars to the nearest cent) equal to the proportion of the applicable whole cost for that oil that is the same as the proportion: where: