GOOD OMENS?
The price at the pump has dropped further from where petroleum companies had kept it fixed, but the situation in the Persian Gulf is not yet resolved
Staff writer, with CNA
CPC Corp, Taiwan (CPC, 台灣中油) on Saturday announced that it would cut its domestic gasoline and diesel prices by NT$1 (US$0.03) and NT$0.8 per liter respectively this week in response to falling international crude oil prices.Under CPC’s floating price mechanism, which is based on a weighting of 70 percent Dubai crude and 30 percent Brent crude, its average international oil cost fell to US$69.80 per barrel last week, down from US$76.39 the previous week.Formosa Petrochemical Corp (台塑石化) matched CPC’s price adjustments for this week, information posted yesterday on the company’s Web site showed.
Retail gasoline prices at CPC and Formosa stations would be NT$30.4, NT$31.9 and NT$33.9 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while prices for premium diesel would be NT$29.5 per liter at CPC stations and NT$29.3 per liter at Formosa pumps, the companies said.It was the second consecutive week that CPC and Formosa lowered domestic fuel prices as the US and Iran entered negotiations for a ceasefire and an increase in shipment volumes through the Strait of Hormuz.
