The sulfur content of liquid cracking products, especially the cracked gasoline, of a catalytic cracking process is reduced by the use of a catalyst having a product sulfur reduction component containing a metal component in an oxidation state greater than zero, wherein the average oxidation state of the metal component is increased by an oxidation step following conventional catalyst regeneration. The catalyst is normally a molecular sieve such as a zeolite Y, REY, USY, REUSY, Beta or ZSM-5. The metal component is normally a metal of Groups 5, 7, 8, 9, 12 or 13 of the periodic table, preferably vanadium or zinc. The sulfur reduction component may be a separate particle additive or part of an integrated cracking/sulfur reduction catalyst. A system for increasing the oxidation state of the metal component of a Gasoline Sulfur Reduction additive is also provided.