Taipei, April 8 (CNA) State-owned oil refiner CPC Corp. Taiwan said Sunday it will lower domestic gasoline and diesel prices by NT$0.1 (US$0.003) per liter for the upcoming week starting at midnight following a drop in international crude oil prices last week.
After the adjustment, prices at CPC gas stations nationwide will be NT$24.6 per liter for super diesel, NT$26.7 per liter for 92 octane unleaded, NT$28.2 per liter for 95 unleaded and NT$30.2 per liter for 98 unleaded, the company said.
The decision to cut fuel prices was made in the wake of falling crude oil prices in Russia due to record high crude output, it said.
According to the CPC, Russian output in March averaged 10.97 million barrels a day, the highest recorded production for 11 months.
CPC calculates its weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude.
Based on the fluctuations in international crude oil prices, CPC calculated the average price of crude oil at US$65.89 per barrel last week, a decrease of US$0.46 from a week earlier, according to the company's website.
Source: Focus Taiwan News Channel