State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced that it will cut its gasoline prices by NT$0.2 per liter and diesel prices by NT$0.3 per liter, effective today.
Prices at CPC pumps would be NT$20.3 per liter for super diesel, NT$22.8 for 92-octane unleaded gasoline, NT$24.3 for 95 unleaded and NT$26.3 for 98 unleaded, according to the announcement on the company’s Web site.
It would be the third consecutive week of price cuts by CPC, bringing the prices to their lowest since late November last year.
The price cut was due to a decline in global crude prices last week caused by increased production by OPEC members and increasing US shale oil production, the company said.
CPC calculates its fuel prices based on a weighted formula made up of 70 percent Dubai crude and 30 percent Brent crude.
The refiner’s average oil cost dropped to US$46.43 per barrel last week from NT$47.63 per barrel a week earlier, it said.
After factoring in the depreciation of the New Taiwan dollar, which was down NT$0.154 versus the US dollar, domestic fuel prices should fall 1.62 percent, CPC said.
The company made the announcement one day after Formosa Petrochemical Corp (台塑石化), the nation’s only listed oil refiner, said it would cut its gasoline and diesel prices by the same range.
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