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August 21, 2017

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Fuel prices expected to dip after four rises

The China Post news staff --The government-owned CPC Corp., Taiwan is expected to trim gasoline and diesel prices in the domestic market next week to reflect slight falls in import costs for crude oil in the international market.

Based on the oil company's price-adjusting formula of "70-percent Dubai oil price + 30-percent Brent oil price" for weekly import costs of crude oil, retail fuel prices may go down by about NT$0.40 per liter at gas stations for one week starting Monday.

If this is the case, the fuel prices will take their first dip after price increases in four consecutive weeks.

But the exact price reduction will have to be decided on Sunday based on more complete market data for the entire week, CPC executives stressed.

Formosa Petrochemical Corp., the country's only privately run oil refinery, will generally follow the CPC price cut in the domestic market, although its prices for fuel products exported to overseas markets will likely not be affected.

Meanwhile, CPC said the price for liquefied petroleum gas (LPG) for households, restaurants and street food vendors will go up by NT$2.50 per kilogram, or NT$50 for a tank of 20 kg, for one month beginning tomorrow.

The price for LPG used by vehicles will also be increased by NT$1.30 per kg tomorrow.

The price for natural gas, commonly used by households in urban districts, will remain unchanged. CPC executives explained the company decided to keep the current price mainly because the price was already increased by 2.99 percent each month for July and August.

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