TAIPEI: State-owned CPC Corp, Taiwan yesterday announced that it will cut gasoline prices by NT$0.3 and diesel prices by NT$0.4 per liter today following a sharp drop last week in international crude oil prices.
CPC said its average crude oil costs last week dropped US$1.58 per barrel to US$543.14 from the previous week after international prices fell following concerns about oversupply as US commercial crude oil inventories hit new all-time highs.
Taking into account the New Taiwan dollar’s depreciation of NT$0.093 against the US dollar, CPC said it decided to lower its wholesale prices for diesel and gasoline products by 2.08 percent.
Following the adjustments, fuel prices at CPC gas stations are to be NT$24.6 per liter for 92-octane unleaded gasoline, NT$26.1 for 95-octane unleaded gasoline, NT$28.1 for 98-octane unleaded and NT$22.2 for super diesel.
CPC’s announcement came one day after Formosa Petrochemical Corp announced similar cuts to its gasoline and diesel prices.
Prices at Formosa Petrochemical stations are to be NT$24.5 per liter for 92-octane unleaded, NT$26.0 per liter for 95-octane unleaded, NT$28.3 per liter for 98-octane unleaded and NT$21.9 per liter for super diesel, the company said.
