Taipei-- The state-owned CPC Corp., Taiwan (??) announced Sunday that it will adjust its diesel and gasoline prices by NT$0.1 (US$0.003) per liter, with the new prices set to come into effect from midnight.
After the adjustment, fuel prices at CPC gas stations will slide to NT$22.6 per liter for super diesel, NT$24.9 per liter for 92 octane unleaded, NT$26.4 per liter for 95 octane unleaded, and NT$28.4 for 98 octane unleaded.
CPC said the crude oil output of Libya increased by over 9 percent to average 750,000 barrels per day in mid-January, up from 685,000 barrels in early January.
However, there are signs that state-members of the Organization of the Petroleum Exporting Countries will continue to observe an agreement they made to cut production, the company said.
Despite the fact that its average output has dropped to 10 million barrels per day, the main oil producer, Saudi Arabia, announced that it will further expand its reduction scale in February in an effort to stabilize crude oil prices in the international market, the CPC said.
The CPC calculates its weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude (7D3B). The company's data shows the average price per barrel of 7D3B at US$53.63 last week, representing a moderate rise of US$0.05 compared with the previous week's level.
The Taiwan dollar rose NT$0.265 to NT$31.609 against the U.S. dollar last week. Under the CPC's floating pricing mechanism, the domestic diesel and gasoline prices for the incoming week should be adjusted 0.59 percent lower, CDC data shows.
A day earlier, the Formosa Petrochemical Corp. (????), a privately owned fuel supplier and CPC's main competitor, announced the same cut to its gasoline and diesel prices.
The company said its gasoline and diesel prices will fall NT$0.1 per liter, effective from 1 a.m. Monday.
After the adjustments, fuel prices at Formosa Petrochemical gas stations islandwide will fall to NT$22.3 per liter for super diesel, NT$24.8 per liter for 92 octane unleaded, NT$26.3 per liter for 95 unleaded and NT$28.6 per liter for 98 unleaded.
Source: Focus Taiwan News Channel