Taipei, State-run oil refiner CPC Corp., Taiwan, said Sunday that it will lower its domestic gasoline and diesel prices for this week, effective at midnight, to reflect lower global crude oil prices.
CPC said it will lower its gasoline and diesel prices by NT$0.1 (US$0.0034) per liter.
After the latest adjustments, prices at CPC gas stations nationwide will fall to NT$23.8 per liter for super diesel, NT$26 per liter for 92 octane unleaded, NT$27.5 per liter for 95 unleaded and NT$29.5 per liter for 98 unleaded, according to CPC's website.
Crude oil last week was affected by an increase in United States crude oil production, as well as a rise in crude inventories in the U.S. market, causing the market to worry about oversupply and sending crude prices lower, CPC explained.
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 latest fluctuations in international crude oil prices, CPC's average price for crude oil was calculated at US$62.24 per barrel last week, down US$0.17 from a week earlier, according to its website.
Source: Focus Taiwan News Channel
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