Fuel prices in Taiwan to fall by NT$0.7 this week

Taipei, Jan. 19 (CNA) Taiwan's two major fuel suppliers on Sunday announced price cuts of NT$0.7 per liter for gasoline and diesel this week, citing a drop in international crude oil prices.

At the fuel stations of state-run CPC Corp., Taiwan, prices will fall to NT$27.1 per liter for 92 octane unleaded, NT$28.6 per liter for 95 octane unleaded, NT$30.6 per liter for 98 octane unleaded, and NT$25 per liter for super diesel, effective midnight Sunday.

CPC said international oil prices dropped in the past week as tensions eased in the Middle East.

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$3.18 over the past week, from US$67.84 to US$64.66 per barrel, the company said.

To keep prices stable during the upcoming Lunar New Year holiday, the CPC said it will either retain or lower its fuel prices in the week starting Jan. 27.

Meanwhile, CPC's main competitor, Formosa Petrochemical Corp. (FPCC), on Sunday announced identical fuel price cuts, to take effect at 1 a.m. Monday.

The privately-run FPCC said prices at its gas stations will be NT$27.1 per liter for 92 octane unleaded, NT$28.5 per liter for 95 octane unleaded, NT$30.6 per liter for 98 octane unleaded, and NT$24.8 per liter for diesel.

FPCC also cited lower crude oil prices as a result of less strain between the U.S. and China after they signed a phase one trade deal, higher commercial oil inventories in the U.S., and abating tensions in the Middle East.