Taipei, Staterun oil refiner CPC Corp., Taiwan, said it will cut its gasoline prices by NT$0.3 (US$0.01) per liter and diesel prices by NT$0.4 per liter this week, with the new prices to take effect Sunday at midnight.
With the adjustment, retail prices at CPC gas stations will be NT$27.30 per liter for 92 octane unleaded, NT$28.80 per liter for 95 octane unleaded, NT$30.80 per liter for 98 octane unleaded, and NT$25.20 per liter for super diesel.
CPC adjusts its fuel prices weekly based on changes in crude oil prices, using a weighted oil price formula composed of 70 percent Dubai crude and 30 percent Brent crude.
Based on that formula, the price of crude dropped US$1.37 last week to US$63.47 per barrel after tensions eased between the United States and Iran and China's economic growth showed a slowdown.
Owing to the drop in crude prices, CPC cut its retail fuel prices for this week.
Meanwhile, CPC's main competitor, Formosa Petrochemical Corp. (FPCC), on Sunday announced identical price adjustments for its gasoline and diesel products, to take effect at 1 a.m. Monday.
With the cuts, prices at FPCC gas stations will be NT$27.30 per liter for 92 octane unleaded, NT$28.70 per liter for 95 octane unleaded, NT$30.80 per liter for 98 octane unleaded, and NT$25.00 per liter for diesel.
Source: Focus Taiwan News Channel