Taipei, March 19 (CNA) State-owned CPC Corp. Taiwan (中油) announced on Sunday that it will cut gasoline prices by NT$0.8 (US$0.0262) and diesel prices by NT$0.7 per liter to reflect a fall in international crude oil prices.
The steepest cut since November 2016 will bring gasoline prices at CPC pumps nationwide to a three-month low, the company said.
Following the price adjustments, which take effect on Sunday at midnight, fuel prices at CPC gas stations will be NT$23.8 per liter for 92 octane unleaded, NT$25.3 per liter for 95 octane unleaded, NT$27.3 for 98 octane unleaded and NT$21.5 per liter for super diesel.
The CPC announcement was made after international crude oil prices moved lower this past week in the wake of concerns about oversupply as U.S. commercial crude oil inventories continued to rise.
CPC calculates its weekly fuel prices based on a weighted oil price formula comprising 70 percent Dubai crude and 30 percent Brent crude, and the average price per barrel last week was US$50.14, down US$3 from the previous week.
The U.S. dollar stood at NT$30.801 last week.
Based on the CPC's floating pricing mechanism, domestic diesel and gasoline prices for the coming week should be adjusted 3.25 percent lower, according to CPC.
A day earlier, the Formosa Petrochemical Corp. (台塑石化), a privately owned fuel supplier and CPC's main competitor, announced similar price adjustments that will take effect from 1 a.m. Monday.
With the latest adjustments, Formosa Petrochemical's gas stations islandwide will sell super diesel for NT$21.2 per liter, while prices of 92 octane unleaded, 95 octane unleaded and 98 octane unleaded will be NT$23.8, NT$25.2 and NT$27.3, respectively.
(By Huang Ya-chuan and Evelyn Kao)