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Gasoline, diesel prices decline for eleventh consecutive week

CPC Corp. and Formosa Petrochemical, Taiwan's two major refiners, have again lowered gasoline and diesel prices this week by NT$0.1 a liter.

This will mark the 11th consecutive week both refiners have lowered fuel prices since April 9.

With the price adjustment, CPC Corp. is now selling 92-, 95- and 98-grade gasoline at NT$31.4, NT$32.9 and NT$34.9 a liter, respectively, and super diesel at NT$30.3 a liter.

Formosa Petrochemical meanwhile is offering 92-, 95- and 98-grade gasoline at NT$31.3, NT$32.9 and NT$35.1 a liter, respectively, and diesel at NT$30.3.

According to CPC, international oil prices dropped last week on a slowdown in the U.S. and European economies. The benchmark that CPC uses, an average between oil traded on Dubai and Brent indices, stood at US$96.64 per barrel, down US$0.46 from the US$97.1 for the previous week. That, coupled with a NT$0.018 appreciation of the New Taiwan dollar, translated into a price decline of 0.43 percent, or NT$0.1 a liter, for local gasoline and diesel.

As of now, CPC still has NT$0.3 a liter worth of gasoline and NT$0.1 worth of diesel fuel absorbed under a previous price absorption policy to stabilize the economy.

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