Mon, Oct 24, 2016 - Page 16 News List

CPC Corp leaves price of gasoline flat, cuts diesel

Staff writer

CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced it will keep gasoline prices unchanged this week from last week, but will cut diesel prices by NT$0.1 per liter, effective today.

The state-run refiner said that global crude oil prices fluctuated in volatile trading last week.

Prices rose on a possible production cut by OPEC and other major oil producers, as well as a decline in US crude oil inventories, but most earlier gains eroded as the number of rigs exploring for oil and natural gas continued to increase in the US and a strong US dollar weighed on the market, CPC said in a statement.

Under CPC’s weighted pricing mechanism — 70 percent Dubai crude and 30 percent Brent crude — its average crude oil costs fell US$0.11 to US$49.67 per barrel over the past week.

After factoring in the appreciation of the New Taiwan dollar, which last week rose NT$0.046 against the greenback, gasoline prices should decrease by 0.3 percent this week, CPC said, adding that it decided to keep gasoline prices unchanged.

The announcement came one day after Formosa Petrochemical Corp (台塑石化) said it would cut diesel prices by NT$0.1 per liter, with gasoline prices also remaining unchanged from last week.

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