CPC Corp. low­ers fuel prices as Greece saga af­fects de­mand

The China Post - - LOCAL -

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.

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