State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would slash gasoline and diesel prices by NT$1.2 and NT$1.3 per liter respectively, or by a weekly average of 6.2 percent, after global crude oil prices fell as OPEC decided to maintain its output.
The price cuts are the biggest weekly reduction in six years and will bring domestic fuel prices to their lowest since May 2009.
Over the past two months, CPC has cut its gasoline prices by about 12.94 percent — still lagging behind the 30 percent decline seen in global crude oil prices during the same period.
Based on its pricing formula, global crude prices plunged 8.28 percent to US$67.94 per barrel last week, compared with US$74.07 in the previous week, CPC said in a statement on its Web site.
CPC attributed the price decline to OPEC’s decision last week to keep its output target of 30 million barrels a day, disregarding a drastic price decline in recent months, the statement said.
After factoring in the New Taiwan dollar’s depreciation of NT$0.176 against the US dollar, local fuel prices should fall 6.2 percent this week — as a weak NT dollar increases costs, CPC said.
The nation’s only privately run oil refiner, Formosa Petrochemical Corp (台塑石化), said it would also cut gasoline and diesel by NT$1.2 and NT$1.3 per liter respectively.
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