CPC to cut fuel prices for 1st time in 5 weeks

Taipei-State-owned oil refiner CPC Corp. Taiwan (??) said it will cut domestic gasoline prices by NT$0.3 (US$0.01) per liter and lower diesel prices by NT$0.4 per liter for the coming week, starting at midnight Sunday, following a fall in international crude oil prices last week.

The price cut ended a streak of four consecutive weeks of price hikes totaling NT$1.5 per liter by the company.

After the adjustment, prices at CPC gas stations across Taiwan will be NT$23.9 per liter for super diesel, NT$26.1 per liter for 92 octane unleaded, NT$27.6 per liter for 95 unleaded and NT$29.6 per liter for 98 unleaded, the company said.

The price cut came after a drop in global oil prices this past week resulting from renewed concerns over a global supply glut after a hike in U.S. crude oil inventories.

Despite the price cut, domestic fuel prices are still about NT$3.6 per liter higher than their lowest this year, the company said.

CPC calculates weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude and adjusts fuel prices upward or downward on a weekly basis based on movements in the weighted price.

Because of the fall in international crude prices in recent days, CPC's average price was calculated at US$60.90 per barrel this week, down from US$62.43 per barrel last week, according to its website.

Source: Focus Taiwan News Channel