State-run CPC Corp., Taiwan will lower pump prices for petroleum and diesel by NT$1(US$0.03) per liter starting on Monday due to a fall in international crude oil prices, the company said.
After the price adjustment, which goes into effect from midnight, fuel prices at CPC gas stations nationwide will fall to NT$20.4 per liter for super diesel, NT$22.8 per liter for 92 octane unleaded, NT$24.3 per liter for 95 unleaded and NT$26.3 per liter for 98 unleaded.
The price cut was taken to reflect falling international crude oil prices amid lingering concerns over a global supply glut, the company said.
The state-run oil company calculates weekly fuel prices based on a weighted oil price formula that comprises 70 percent Dubai crude and 30 percent Brent crude.
Based on that formula, the price per barrel of crude oil stood at US$44.70 as of Nov.4, down from US$48.76 last week, according to the CPC website.
Source: Focus Taiwan News Channel