State-run CPC Corp, Taiwan (CPC, 台灣中油) is to lower pump prices for gasoline and diesel by NT$1 per liter today, due to a fall in international crude oil prices, the company said.
The price cut was taken to reflect falling international crude oil prices amid lingering concerns over a global supply glut, CPC said.
The company calculates weekly fuel prices based on a weighted oil price formula comprised of 70 percent Dubai crude and 30 percent Brent crude. Based on that formula, the price per barrel of crude oil stood at US$44.70 as of Friday, down from US$48.76 a week earlier, it said.
The international crude oil market remained volatile last week, extending losses from a week earlier due to rising concerns over OPEC’s failure to implement an output cut.
While OPEC members are scheduled to meet in Vienna on Nov. 30 to further discuss a plan to cut production in an attempt to rein in crude oil prices, market confidence of a deal being struck is weak, analysts said.
Several oil producers — including nonmembers of OPEC such as Iran, Iraq and Russia — have appeared reluctant to cut their oil production, which has made many energy traders wary and led them to bet on oil prices falling even further, analysts said.
In addition to worries over the oil cut failure, an increase in oil inventories in the US market has also made energy traders nervous, further pushing down crude oil prices, they said.
Formosa Petrochemical Corp (台塑石化), the nation’s sole privately owned fuel supplier, on Saturday announced plans to cut gasoline and diesel prices by NT$1 per liter, starting from 1am today.
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