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CPC lowers gasoline and diesel prices

State-run CPC Corp, Taiwan (CPC, 台灣中油) announced yesterday it would cut wholesale gasoline and diesel prices by NT$0.3 per liter to reflect softening oil prices. The new rates went into effect at 12am yesterday.

The adjusted retail price for 98-octane unleaded gasoline is now NT$29.3, 95-octane unleaded gasoline NT$27.8, 92-octane unleaded gasoline NT$27.1, premium diesel oil NT$24.4 per liter and regular diesel NT$23.9 per liter, the company said in a statement released yesterday.

The adjustment was made in accordance with an 80 percent fluctuation in the price of West Texas Intermediate crude oil traded on the New York Mercantile Exchange, which declined by 1.29 percent over the past week, CPC said.

Smaller rival Formosa Petrochemical Corp (台塑石化) later said it would drop its prices to match CPC's, effective at 2am today.
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