State-owned CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it is to cut gasoline prices by NT$0.3 and diesel prices by NT$0.4 per liter today following a more than 6 percent drop last week in international crude oil prices.
CPC said in a statement that negative factors including a recovery in Libyan oil supplies and a still-weak market sentiment caused crude prices to decline, offsetting positive factors such as a continued decrease in US commercial crude oil inventories.
CPC said its average crude oil costs last week dropped US$1.27 per barrel to US$49.06 from the previous week.
Taking into account the New Taiwan dollar’s appreciation of NT$0.076 against the US dollar, CPC said it decided to lower its wholesale prices for diesel and gasoline products by 2.21 percent.
Following the cuts, fuel prices at CPC gas stations are to be NT$23.4 per liter for 92-octane unleaded gasoline, NT$24.9 for 95-octane unleaded gasoline, NT$26.9 for 98-octane unleaded and NT$20.9 for super diesel.
It is the third consecutive week CPC has cut oil prices. It came one day after Formosa Petrochemical Corp (台塑石化) announced similar cuts.
Prices at Formosa Petrochemical stations are to be NT$23.4 per liter for 92-octane unleaded, NT$24.8 per liter for 95-octane unleaded, NT$26.9 per liter for 98-octane unleaded and NT$20.6 per liter for super diesel, the firm said.
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