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CPC to cut fuel prices

2017/07/16 16:43:38

CNA file photo

Taipei, July 16 (CNA) State-owned oil refiner CPC Corp. Taiwan (中油) said it will cut its domestic gasoline prices by NT$0.3 (US$0.01) per liter and diesel prices by NT$0.4 per liter this week, starting at midnight Sunday.

After the price cut, prices at CPC gas stations countrywide will be NT$20.4 per liter for super diesel, NT$22.9 per liter for 92 octane unleaded, NT$24.4 per liter for 95 unleaded and NT$26.4 per liter for 98 unleaded, the company said.

CPC lowered its prices after the average price of crude oil based on its weighted formula fell to US$46.44 per barrel this week from NT$47.70 per barrel a week earlier, according to its website.

The company calculates its weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude.

Fears remain over a supply glut from U.S. shale production and production in Libya, a member of the Organization of Petroleum Exporting Countries (OPEC) exempt from an oil cut agreement, which is expected to lead to further volatility in the market.

(By Chen Cheng-wei and Kuo Chung-han)