State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said that it would cut its gasoline prices by NT$0.3 per liter and diesel prices by NT$0.4 per liter, with the new prices to take effect today.
With the adjustment, retail prices at CPC gas stations will be NT$27.3 per liter for 92-octane unleaded, NT$28.8 for 95-octane unleaded, NT$30.8 for 98-octane unleaded and NT$25.2 for super diesel.
CPC adjusts its fuel prices weekly based on changes in crude oil prices, using a weighted oil price formula composed of 70 percent Dubai crude and 30 percent Brent crude.
Based on that formula, the price of crude dropped US$1.37 last week to US$63.47 per barrel after tensions eased between the US and Iran, and China’s economic growth showed a slowdown.
Privately owned Formosa Petrochemical Corp (台塑石化) yesterday announced identical price adjustments for its gasoline and diesel products, also effective today.
With the cuts, prices at its gas stations will be NT$27.3 per liter for 92-octane unleaded, NT$28.7 for 95-octane unleaded, NT$30.8 for 98-octane unleaded and NT$25.0 for diesel.
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