Fuel prices at CPC pumps to drop this week

prices by NT$0.5 (US$0.017) per liter, starting at midnight, in reflection of lower international crude oil prices.

After the adjustment, prices at CPC gas stations will fall to NT$21.3 per liter for super diesel, NT$23.7 per liter for 92 octane unleaded, NT$25.2 per liter for 95 octane unleaded and NT$27.2 per liter for 98 octane unleaded, the company said.

It will be CPC's second consecutive weekly price cut as international crude oil prices continued to fall.

The company adjusts its fuel prices once a week based on changes in a weighted oil price formula comprising 70 percent Dubai crude and 30 percent Brent.

Based on that formula, the cost of crude was listed by CPC this week at US$50.33 per barrel, down from US$52.37 last week.

International crude oil prices have been dropping due to market concerns over the output reduction strategy adopted by the Organization of the Petroleum Exporting Countries (OPEC) to achieve a market balance, CPC said.

Another factor was Libya's reopening of its largest oil field, which boosted its oil output and triggered a price drop in the international market, CPC said.

Source: Focus Taiwan News Channel