Oxidative desulfurization of catalytically cracked gasolines, produced from a blend of Baku crude oils, with hydrogen peroxide in a formic acid medium under phase-transfer catalysis conditions using pyridine and acetonitrile as ligands has been studied. It has been found that running the process under these conditions on heterogeneous catalysts containing Mo and Co ions makes it possible to decrease the residual sulfur content in the gasolines from 200 to 33-40 ppm.