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CPC Corp to lower domestic wholesale fuel prices today

To reflect lower fuel costs, CPC Corp, Taiwan (CPC, 台灣中油) said yesterday it would cut domestic wholesale prices of gasoline products by NT$0.6 per liter and NT$0.7 per liter for diesel products.

The state-run refiner said it would also lower prices of liquefied petroleum gas (LPG) used by vehicles by NT$0.2 per kilogram and by NT$0.25 per kilogram for both household and industrial-use LPG.

The company's announcement was made in a statement posted on the Ministry of Economic Affair's Web site.

Following the adjustment, the new rates, which take effect today, are: 98-octane unleaded gasoline, NT$30; 95-octane unleaded gasoline, NT$28.5; 92-octane unleaded gasoline, NT$27.8; premium diesel oil and biodiesel, NT$25.2 per liter, the company's statement said.

CPC begins applying a new pricing scheme this month, linking domestic wholesale prices to Dubai and Brent crude oil prices. The new formula is based on changes of the 30-day average for Dubai and Brent crude in the past month and that of the previous month.

The company has adjusted its rates every week based on price fluctuations of the West Texas Intermediate crude oil traded on the New York Mercantile Exchange during the past seven days.

Rival Formosa Petrochemical Corp (台塑石化) also said last night it would follow suit.

The company said it would match CPC's price cuts in both gasoline and diesel oil products, effective today.
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