State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said that it is to reduce its gasoline and diesel prices today, based on a fall in global crude oil prices.
Crude oil prices continued to fall due to doubts over whether OPEC would implement an agreement and reduce production, after Saudi Arabia threatened to increase its output in an effort to maintain its market share, CPC said, adding that the US’ crude oil inventory has also increased over the past two weeks.
Based on its floating oil price formula, CPC calculated the average crude oil price per barrel at US$43.06 as of Friday, down from US$44.70 a week earlier.
As the New Taiwan dollar depreciated NT$0.044 last week against the US dollar, domestic fuel prices are to be cut 2.83 percent, CPC said.
Starting from midnight yesterday, prices at CPC fuel pumps were to drop by NT$0.3 per liter for gasoline and NT$0.4 per liter for diesel, the company said.
With the cuts, prices at CPC-run gas stations across the nation are to be NT$20 per liter for super diesel, NT$22.5 per liter for 92-octane unleaded gasoline, NT$24 per liter for 95-octane unleaded gasoline and NT$26 per liter for 98-octane unleaded gasoline.
CPC’s main competitor, the privately owned Formosa Petrochemical Corp (台塑石化), made a similar announcement the previous day.
Starting from 1am today, prices at Formosa Petrochemical gas stations were to drop to NT$19.7 per liter for super diesel, NT$22.4 per liter for 92-octane unleaded gasoline, NT$23.9 per liter for 95-octane unleaded gasoline and NT$26.2 per liter for 98-octane unleaded gasoline.
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