State-run Chinese Petroleum Corp (CPC, 中油) announced yesterday that it would cut wholesale prices of gasoline and diesel products by NT$0.3 (US$0.0093) per liter to reflect lower international crude oil prices. The new rates go into effect today.
The price cut was the company's first reduction in three weeks. CPC last week raised the wholesale prices of gasoline and diesel products by NT$0.5 per liter.
The adjusted retail prices for 98-octane unleaded gasoline is NT$28.9 (US$0.89) -- 95-octane unleaded gasoline is NT$27.4, 92-octane unleaded gasoline is NT$26.7 and top-grade diesel fuel is NT$23.5 per liter, CPC said in a press statement released yesterday.
The adjusted price range mirrors the price change of West Texas Intermediate crude over the past week in New York trade, which was down 1.84 percent on the previous week, CPC said.
The price cut came amid expectations of milder temperatures in the US. Temperatures in the US' Northeast, the nation's largest heating oil market, were expected to moderate this week, with above-normal temperatures through most of the nation, according to the National Weather Service of the US.
Light sweet crude for delivery next month rose US$0.15 to US$61.37 a barrel in midafternoon Asian electronic trading on the New York Mercantile Exchange.
January Brent crude on London's ICE Futures exchange rose US$0.20 to US$62.04 a barrel.
CPC began implementing the new pricing system on Oct. 3 after the company posted a loss of NT$25.4 billion in the first eight months of the year.