CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced price cuts of NT$0.9 per liter for gasoline and NT$1 per liter for diesel, effective today, as global crude oil prices continue to fall amid the COVID-19 pandemic.
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$21.53 per barrel last week, from US$24.99 a week earlier.
After factoring in the appreciation of the New Taiwan dollar, which was up NT$0.047 against the US dollar last week, fuel prices would be reduced by 11.18 percent this week, CPC said in a statement.
From today, prices at CPC gas stations are to be NT$17.3, NT$18.8 and NT$20.8 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to cost NT$14.4 per liter, the company said.
The new gasoline prices are at the lowest levels for CPC in 17 years.
Formosa Petrochemical Corp (台塑石化) also lowered its fuel prices by the same amount, cutting its 92, 95 and 98-octane unleaded gasoline prices to NT$17.3, NT$18.7 and NT$20.8 per liter respectively, with premium diesel dropping to NT$14.2 per liter.
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