CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced significant price cuts of NT$3.8 per liter for gasoline products and NT$4.0 per liter for diesel products, effective today, as the global crude oil market plunged into chaos last week following the breakdown of OPEC+ talks.
The oil market was also under pressure along with expectations of weak demand in the coming months as COVID-19 spreads outside of China, CPC said.
Based on CPC’s weighted oil price formula — composed of 70 percent Dubai crude and 30 percent Brent crude — its average crude oil costs fell to US$33.66 per barrel last week, from US$50.50 a week earlier.
After factoring in the depreciation of the New Taiwan dollar, which was last week down NT$0.074 against the US dollar, fuel prices would be reduced by 26.55 percent this week, CPC said.
From today, prices at CPC gas stations are to be NT$20.3, NT$21.8 and NT$23.8 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to cost NT$17.7 per liter, it said.
Formosa Petrochemical Corp (台塑石化) also lowered its 92, 95 and 98-octane unleaded gasoline prices to NT$20.3, NT$21.7 and NT$23.8 per liter respectively, with premium diesel dropping to NT$17.5 per liter.
The two refiners’ new fuel prices would be their lowest in four years.
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