Taipei--State-owned oil refiner CPC Corporation, Taiwan (??) said it will cut its domestic gasoline and diesel prices by NT$0.6 (US$0.02) per liter this week starting at midnight Sunday, ending a two-week rising streak after international crude oil prices fell by nearly 5 percent this week.
After the price drop, prices at CPC gas stations countrywide will be NT$21.1 per liter for super diesel, NT$23.5 per liter for 92 octane unleaded, NT$25.0 per liter for 95 unleaded and NT$27.0 per liter for 98 unleaded, the company said.
The prices reflect a fall in international crude oil prices on Wednesday since Libya, one of the major oil producers in the Organization of Petroleum Exporting Countries (OPEC), increased its crude output to 827,000 barrels per day.
The decision offset the effects of an agreement by OPEC and non-OPEC producers on May 25 to extend oil output cuts for another nine months until March 2018.
Libya and Nigeria are the two OPEC nations exempted from the production cut deal.
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.
After the recent fall in international crude oil prices, CPC's average price of crude oil was calculated at US$49.85 per barrel this week, down from US5$2.44 per barrel last week, according to its website.
CPC Corp.'s main competitor, privately owned fuel supplier Formosa Petrochemical Corp. (????), announced similar price cuts for this week a day earlier.
Source: Focus Taiwan News Channel