State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said that it would lower its gasoline and diesel product prices by NT$0.90 per liter, effective today.
This is the first time in three weeks that the refiner decided to cut domestic fuel prices to reflect falling global crude oil prices.
CPC said in a statement that its average oil costs fell by 8.17 percent last week from the previous week, after OPEC and Russia failed to reach a consensus on oil output cuts, the International Energy Agency said in its monthly report that the market is awash in oil and US crude oil inventories continued to increase, which dashed hope for a broader oil market recovery and sent oil prices down during the week.
The company’s weighted oil price formula — 70 percent Dubai crude and 30 percent Brent crude — showed prices decreased US$3.14 per barrel to US$27.59 last week from US$30.73 the previous week, it said.
CPC said its wholesale price of 92-octane unleaded gasoline is to drop to NT$19 per liter, 95-octane unleaded gasoline is to be NT$20.5 per liter, 98-octane unleaded is to be NT$22.5 per liter and premium diesel is to fall to NT$16.2 per liter.
CPC’s announcement came one day after Formosa Petrochemical Corp (台塑石化) said it would reduce its wholesale gasoline and diesel prices by NT$0.9 per liter, effective today, with the scale of retail price changes up to individual gas stations.
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