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July 24, 2017

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Fuel prices expected to dip in coming week

State-owned CPC Corp., Taiwan is expected to shave gasoline and diesel prices in the domestic market next week after a slight fall in costs of imported crude oil in the international market.

The oil refinery is likely to reduce the fuel prices for local consumers by around NT$0.10 or NT$0.20 per liter beginning on Monday.

CPC executives said the exact price reduction will be decided later based on more complete market data.

This will be the first price drop for motorists and other fuel users after three weekly price increases in a row.

Statistical data compiled by CPC show that based on the price-adjusting formula of "70 percent Dubai oil price + 30 percent Brent oil price," the company's weekly import cost for crude oil already dropped by US$1.39 per barrel to US$101.24 as of July 26 from US$102.63 one week earlier.

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