Taipei--State-owned oil refiner CPC Corp., Taiwan (??) announced that it will cut gasoline prices by NT$0.3 (US$0.01) per liter and diesel prices by NT$0.4 per liter, starting at midnight Sunday, in reflection of lower international crude oil prices.
It is the third consecutive week in which CPC has marked down its fuel prices after a cut of NT$0.5 per liter for both gasoline and diesel a week earlier.
After the latest adjustments, prices at CPC gas stations nationwide will fall to NT$20.9 per liter for super diesel, NT$23.4 per liter for 92 octane unleaded, NT$24.9 per liter for 95 unleaded and NT$26.9 per liter for 98 unleaded.
The company adjusts its fuel prices weekly based on changes in a weighted oil price formula comprising 70 percent Dubai crude and 30 percent Brent crude.
With the drop in international crude oil prices, CPC calculated the average price of crude oil at US$49.06 per barrel last week (up until May 5), down from NT$50.33 per barrel a week earlier, according to its website.
Libya's crude production rebounded to over 700,000 barrels per day as its Sharara field has resumed pumping, currently producing more than 210,000 barrels per day.
International crude prices are currently low, mainly due to the rebound in Libya production, and oil traders' confidence has been shaken, according to the CPC.
Source: Focus Taiwan News Channel