CPC to cut fuel prices by NT$0.6 per liter

Taipei, Feb. 11 (CNA) State-run oil refiner CPC Corp. Taiwan said Sunday it will lower gasoline and diesel prices by NT$0.6 (US$0.02) per liter for the week starting at midnight Sunday, following a drop in international crude oil prices last week.

After the adjustment, prices at CPC gas stations nationwide will be NT$24.3 per liter for super diesel, NT$26.4 per liter for 92 octane unleaded, NT$27.9 per liter for 95 unleaded and NT$29.9 per liter for 98 unleaded, all record lows this year, the company said.

The decision to cut fuel prices was made in the wake of falling crude oil prices last week, which experienced their biggest drop in two months, and record high crude output in the United States, CPC said.

CPC calculates its weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude.

Following the latest fluctuations in international crude oil prices, CPC's average price for crude oil was calculated at US$63.98 per barrel last week, a decrease of US$3.07 from a week earlier, according to its website.

Meanwhile, the company announced Sunday that it will not raise domestic fuel prices during the extended Lunar New Year holiday from midnight Sunday to midnight Feb. 25 if international crude prices surge, but undertook to cut prices during the period accordingly if global crude prices drop.

Source: Focus Taiwan