Gas and diesel costs to drop to 7-month low

The China Post - - LOCAL - BY ENRU LIN

State-run oil re­finer CPC Corp., Tai­wan (CPC, ) said yesterday it would cut the price of ga­so­line and diesel by NT$0.7 and NT$0.8 per liter re­spec­tively start­ing to­day, knock­ing down costs to a seven-month low.

Start­ing mid­night on Mon­day, CPC will of­fer whole­sale 92-oc­tane un­leaded ga­so­line at NT$22.4 per liter, 95-oc­tane at NT$23.9 per liter and 98-oc­tane at NT$25.9 per liter.

The whole­sale cost of su­per diesel will fall to NT$20.1 per liter, ac­cord­ing to a com­pany state­ment. The CPC ad­justs fuel prices each week based on a for­mula com­pris­ing 70 per­cent of the Dubai crude and 30 per­cent of the Brent crude bench­marks.

Global oil prices had ended down af­ter choppy trad­ing last week, with gloom over Chi­nese de­mand off­set­ting op­ti­mism on Bei­jing’s in­ter­est rate cut and news that the U.S. econ­omy grew faster than ex­pected in the sec­ond quar­ter, the CPC said.

Un­der the re­finer’s oil pric­ing mech­a­nism, global costs fell last week to US$43.87 per bar­rel from the pre­ced­ing week’s US$47.07 per bar­rel.

To re­flect the re­duc­tion, the CPC will lower ga­so­line and diesel prices by 5.14 per­cent, a rate that fac­tors in the New Tai­wan dol­lar’s de­pre­ci­a­tion of NT$0.13 against the U.S. dol­lar, ac­cord­ing to the state­ment.

Formosa Petro­chem­i­cal Corp. ( ) said on Satur­day that it would lower ga­so­line and diesel prices by NT$0.7 and NT$0.8 per liter re­spec­tively start­ing Sun­day at 1 a.m.

Af­ter ad­just­ments, the pri­vately run oil re­finer will sell whole­sale 92-oc­tane un­leaded ga­so­line at NT$22.3 per liter, NT$0.1 less than the CPC’s equiv­a­lent prod­uct.

It will sell 95- and 98- oc­tane un­leaded ga­so­line NT$23.8 and NT$26.1 per liter, re­spec­tively, and su­per diesel at NT$19.8 per liter.

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