Correction for the effect of Temperature and Pressure on Liquid – the latest definition as used in the ASTM D 1250-07 revision to replace the previous term “VCF“.
A numerical value that is calculated based on oil & gas measurement standards – depending on a given product density, temperature and pressure value.  With this CTPL, an observed product volume quantity has to be multiplied to obtain the product quantity at standard temperature and pressure conditions. The standard product quantity can then be utilized for excise duty payments, stock reconciliation & control, as well as pricing calculations.