SINGAPORE, April 17 (Reuters) – State oil firm Petronas has set the price factor for Malaysian Crude Oil (MCO) for April at $3.50 per barrel, down 70 cents from the previous month, the company said on Monday.

The monthly price factor is added to the average of Platts’ dated Brent prices published in the month to derive the Malaysian crude official selling price (OSP).

Petronas changed its OSP mechanism effective January 2017, basing its benchmark price on a basket of four Malaysian crude grades Labuan, Miri Light, Kikeh and Kimanis.

(Reporting by Mark Tay and Florence Tan; Editing by Sunil Nair)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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