Dec 30, 2018 Business & Finance Comments Off on Fuel prices to fall NT$0.9 for gasoline at CPC pumps
Taipei, Domestic gasoline and diesel prices will fall by NT$0.9 (US$0.029) and NT$1 per liter, respectively, in the coming week due to a fall in international crude oil prices, state-owned oil refiner CPC Corp. Taiwan said Sunday.
CPC Corp. said that after the adjustment, which will take effect at midnight Sunday, fuel prices at CPC gas stations nationwide will be NT$24.5 per liter for 92 octane unleaded, NT$26 per liter for 95 unleaded, NT$28 per liter for 98 unleaded and NT$22.2 per liter for super diesel.
The new prices will be the lowest they have been since Sept. 25, 2017, when they were NT$24.8 per liter for 92 octane unleaded, NT$26.3 per liter for 95 unleaded, NT$28.3 per liter for 98 unleaded and NT$22.6 per liter for super diesel.
The latest drop resulted from concerns over the global economic outlook and future oil demand in the wake of extreme volatility in U.S. stock markets, CPC Corp. said.
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. According to that formula, the average oil price dropped US$3.99 to US$51.54 per barrel last week.
That equated to a NT$0.9 and NT$1 per liter drop in gasoline and diesel prices, respectively, the company said.
Meanwhile, CPC's main competitor, privately owned Formosa Petrochemical Corp., said it will also cut its domestic gasoline prices by NT$0.9 per liter and diesel price by NT$1 per liter, with the new prices to take effect at 1 a.m. Monday.
After the adjustment, prices at Formosa Petrochemical gas stations nationwide will be NT$22.0 per liter for super diesel, NT$24.5 per liter for 92 octane unleaded, NT$25.9 per liter for 95 unleaded and NT$28 per liter for 98 unleaded, the company said.
Source: Focus Taiwan News Channel
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