Mon, Oct 09, 2017 - Page 16 News List

CPC cuts gasoline, diesel prices, ending hike streak

Staff writer, with CNA

State-owned oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it will cut gasoline and diesel prices by NT$0.3 per liter this week, following a decline in international crude oil prices.

The price cuts, effective today, snapped a streak of six consecutive weeks of price hikes by the company.

Rival Formosa Petrochemical Corp (台塑石化) announced similar price cuts on Saturday.

The decreases in domestic fuel prices came after a drop in global oil prices last week on easing concerns over regional tensions in the Middle East, the return of supply from Libya’s Sharara oilfield after a two-day break and record US crude oil exports, CPC said.

West Texas Intermediate crude in the US market this week fell about 4.6 percent and Brent, the global benchmark, dropped 2.1 percent in London.

CPC calculates weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude, and adjusts on a weekly basis based on movements in the weighted price.

Because of the fall in international crude prices, CPC said its average price was calculated at US$55.10 per barrel this week, down from US$56.40 per barrel last week.

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