CPC Corp. lowers fuel prices as Greece saga affects demand
Taiwan’s state-owned petroleum refiner, CPC Corp., Taiwan, will cut its gasoline and diesel prices by NT$0.1 (US$0.003) each from midnight, the company announced Sunday.
Under the adjustment, prices at the pump will stand at NT$23.70 per liter for super diesel, NT$25.6 per liter for 92 octane unleaded gasoline, NT$27.1 per liter for 95 octane unleaded gasoline and NT$29.1 per liter for 98 octane unleaded gasoline.
The price cut was made based on CPC’s weighted oil price formula, which comprises 70 percent Dubai crude and 30 percent Brent crude.
It will be the second consecutive week in which domestic fuel prices have trended lower after a NT$0.2 fall per liter for gasoline and a NT$0.3 drop for diesel.
International crude prices were mixed this week, first affected by Greece’s new reform plan and a decline in the U.S.’s commercial crude oil inventory and then a glut in cargo oil from West Africa and the North Sea, CPC said.
According to the CPC website, the average price of a barrel of crude under its weekly floating price formula stood at US$61.36 as of June 26, down from US$61.70 the previous week.