Conversion of nominated price into sterling
18.—(1) This regulation provides for the conversion into sterling of a nominated price which is expressed in a currency other than sterling—
(a)where the participator delivers oil in pursuance of the contract of sale in the proposed delivery month, and
(b)in all other cases.
(2) In the circumstances described in paragraph (1)(a) above, the nominated price shall be converted into sterling by reference to the date on which the delivery of oil takes place.
(3) In all other cases oil shall be treated as having been delivered on the fifteenth day of the proposed delivery month and, accordingly, the nominated price shall be converted into sterling by reference to that date.