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Major refiners lower prices of diesel, gasoline for 12th consecutive week

Taiwan's two major refiners have again lowered gasoline and diesel prices, this week by NT$0.4 a liter and NT$0.7 a liter, respectively.

This will mark the 12th 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, NT$32.5 and NT$34.5 a liter, respectively, and super diesel at NT$29.6 a liter.

CPC's main competitor, Formosa Petrochemical, meanwhile is offering 92-, 95- and 98-grade gasoline at NT$30.9, NT$32.5 and NT$34.7 a liter, respectively, and diesel at NT$29.6.

According to CPC, international oil prices dropped last week on lingering concerns over the European debt crisis and increased supply of U.S crude oil. The benchmark that CPC uses, an average between oil traded on the Dubai and Brent indices, stood at US$92.72 per barrel, down US$3.92 from the US$96.64 for the previous week. That, coupled with a NT$0.05 appreciation of the New Taiwan dollar, translated into a price decline of 3.37 percent or a reduction of NT$0.7 and NT$0.8 a liter for local gasoline and diesel.

Yet CPC will take back from consumers the last NT$0.3 and NT$0.1 worth of gasoline and diesel that it had absorbed under a previous price absorption policy. This translates into a discount of NT$0.4 and NT$0.7 for this week. Starting July 1, fuel prices will increase or decrease by their full margin.

Back in April, CPC took back from consumers 60 percent of the total price it had absorbed. The remaining 40 percent was taken back over the past 12 weeks during which time prices fell.

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