Domestic fuel prices are expected to drop by up to NT$0.8 per liter next week due to a fall in international crude oil prices, market sources said Thursday.
Following the downtrend in the price of crude, the state-owned CPC Corp. Taiwan is likely to cut its gasoline and diesel prices by NT$0.7 and NT$ 0.8 per liter, respectively, next week, the sources said.
The state-run oil company calculates its weekly fuel prices based on a weighted oil price formula that comprises 70 percent Dubai crude and 30 percent Brent crude.
Based on that formula, the price per barrel of crude oil stood at US$45.68 as of Nov. 2, down from US$48.76 last week, according to the CPC website.
If CPC implements a price cut next week, prices at the pump will drop to NT$20.6 per liter for super diesel, NT$23.1 per liter for 92 octane unleaded gasoline, NT$24.6 per liter for 95 unleaded, and NT$26.6 per liter for 98 unleaded, the sources said.
CPC is scheduled to announce its price adjustments at noon Sunday and put them into effect at midnight.
Source: Focus Taiwan News Channel