Mon, Feb 20, 2017 - Page 16 News List

CPC to cut prices of gasoline, diesel by NT$0.1 per liter

Staff writer, with CNA

State-owned fuel supplier CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced that it would cut its diesel and gasoline prices by NT$0.1 per liter today, on the back of lower global crude oil prices.

Although OPEC members have agreed to reduce output, global crude prices dropped over the past week because commercial stocks in the US reached a record 518 million barrels, CPC said.

Based on its floating oil price formula, CPC calculated the average crude oil price per barrel at US$54.33 last week, up US$0.08 from the previous week.

As the New Taiwan dollar appreciated NT$0.197 last week against the US dollar, CPC said it would cut fuel prices by 0.39 percent.

After the price cut, fuel prices at CPC gas pumps would be NT$22.5 per liter for super diesel, NT$24.8 per liter for 92-octane unleaded, NT$26.3 per liter for 95-octane unleaded and NT$28.3 for 98-octane unleaded.

CPC’s only competitor, privately owned Formosa Petrochemical Corp (台塑石化), made a similar announcement the previous day, with prices at its gas stations set to fall to NT$22.2 per liter for super diesel, NT$24.7 per liter for 92-octane unleaded, NT$26.2 per liter for 95-octane unleaded and NT$28.5 per liter for 98-octane unleaded.

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