CPC to cut fuel prices by NT$0.1 per liter

Taipei--The state-owned CPC Corp., Taiwan (??) announced Sunday that it will cut its diesel and gasoline prices by NT$0.1 (US$0.003) per liter with effect from midnight Sunday, based on lower international crude oil prices.

After the price cut, fuel prices at CPC gas pumps will be NT$22.5 per liter for super diesel, NT$24.8 per liter for 92 octane unleaded, NT$26.3 per liter for 95 unleaded, and NT$28.3 for 98 unleaded.

CPC calculates its weekly fuel prices based on a weighted oil price formula comprising 70 percent Dubai crude and 30 percent Brent crude (7D3B).

The company's data shows an average price per barrel of 7D3B at US$54.33 last week, representing a rise of US$0.08 from the previous week.

Although member states of the Organization of the Petroleum Exporting Countries (OPEC) have agreed to reduce output, international crude oil prices nevertheless dropped over the past week ending Feb. 10 because commercial stocks in the United States reached a record 518 million barrels, according to the CPC.

In addition, due to an appreciation of NT$0.197 of the Taiwan dollar against the U.S. dollar last week, CPC's diesel and gasoline prices this week will drop by NT$0.1, based on its floating pricing mechanism, according to the CPC.

A day earlier, Formosa Petrochemical Corp. (????), a privately owned fuel supplier, said that it will lower its domestic gasoline and diesel prices by NT$0.1 per liter for the coming week, effective at 1 a.m. Monday, following the mild decline in international crude oil prices last week.

It is the second consecutive week in which the Taiwanese gasoline vendors have dropped their domestic fuel prices by NT$0.1 after a NT$0.1 reduction per liter last week.

Source: Focus Taiwan News Channel