CPC to cut fuel prices this week

Taipei--State-owned oil refiner CPC Corp., Taiwan (??) announced on Sunday that it will lower both gasoline and diesel fuel prices by NT$0.5 (US$0.02) per liter, starting at midnight, to reflect a fall in international crude oil prices.

After the adjustments, fuel prices at CPC pumps will be NT$20.6 per liter for super diesel, NT$23.0 per liter for 92 octane unleaded, NT$24.5 for 95 unleaded and NT$26.5 for 98 unleaded, the company said.

International crude oil prices posted a decline last week for the third consecutive week, with a spike in crude oil production in Nigeria and the United States raising concerns over oversupply, according to CPC.

It was the second straight week CPC has lowered its fuel prices after a NT$0.6 per liter drop last week.

CPC calculates weekly fuel prices based on a weighted oil price formula comprising 70 percent Dubai crude and 30 percent Brent crude, and the average price per barrel last week was US$47.63, down US$2.22 from the previous week.

The U.S. dollar fell against the Taiwan dollar, losing NT$0.014 last week.

Based on the CPC's floating pricing mechanism, domestic diesel and gasoline prices for the coming week should be adjusted NT$0.5 per liter lower, according to CPC.

Source: Focus Taiwan News Channel