Taipei, June 17 (CNA) State-run refinery CPC Corp., Taiwan said Sunday that it will cut gasoline and diesel prices by NT$0.1 per liter as international crude oil prices have continued to drop amid the economic slowdown in Europe and the United States.
It is the 11th consecutive week that the CPC has dropped fuel prices since April 2, when it raised them by an average 10 percent in a bid to reduce its mounting losses.
With the new cut, the price of 92-octane unleaded gasoline will fall to NT$31.4 per liter, 95-octane unleaded gasoline will be NT$32.9 per liter, 98-octane unleaded will be NT$34.9 per liter and diesel will drop to NT$30.3 per liter, the company said.
The decision was based on a drop in CPC Corp.'s weighted calculation of its average crude oil price to US$96.64 per barrel, down US$0.46 from the previous week, the company said.
However, fuel prices are still above the pre-increase levels. CPC's crude price, a weighted average that is 70 percent based on Dubai crude and 30 percent on Brent crude, is 21.5 percent lower than the CPC's average price per barrel of US$123.25 for the week March 19 to March 25.
Prior to the April 2 fuel hike, 92-octane unleaded gasoline was priced at NT$31.7 per liter, 95-octane unleaded at NT$32.4 per liter, 98-octane unleaded at NT$33.9 per liter and diesel at NT$29.9 per liter.
Meanwhile, Formosa Petrochemical Corp., the country's only privately run oil refiner, also said that day that it will lower its domestic fuel prices by NT$0.1 per liter from the following day.
The price cut will reduce the prices of Formosa's 92, 95 and 98-octane unleaded gasoline to NT$31.3, NT$32.9 and NT$35.1, respectively, and its diesel price to NT$30.3.
(By Chao Hsiao-hui and Ann Chen)