Staff writer, with CNA
CPC Corp, Taiwan (CPC, 台灣中油) announced on Saturday that it would cut domestic gasoline and diesel prices by NT$0.6 and NT$0.7 per liter respectively this week in response to a fall in 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, the average international oil price fell to US$67.05 per barrel last week, from US$69.80 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.
International crude oil prices are falling as cargo-laden vessels continue to exit the Strait of Hormuz at a time when talks between the US and Iran on a long-term peace agreement progress, the company said.Front-month Brent crude oil futures — the international oil benchmark — last week fell 0.66 percent to settle at US$72.12 per barrel on the Intercontinental Exchange in London, while West Texas Intermediate crude oil futures — the US oil gauge — dropped 0.78 percent in the week to US$68.69 per barrel on the New York Mercantile Exchange.
This week, retail gasoline prices at CPC and Formosa stations would be NT$29.8, NT$31.3 and NT$33.3 per liter for 92, 95, and 98-octane unleaded gasoline respectively. Prices for premium diesel would be NT$28.8 per liter at CPC stations and NT$28.6 per liter at Formosa pumps, the companies said. It is the third consecutive week that CPC and Formosa have lowered domestic fuel prices.
