CPC announces fuel prices slashed by NT$0.4 per liter
By Ted Chen , The China PostTAIPEI, Taiwan -- Effective midnight today, the per liter price of domestic fuel will be reduced by NT$0.4, marking a fourth consecutive week of decline, said the state-run CPC Corporation (中油) yesterday.
September 30, 2013, 12:05 am TWN
Following the price adjustment, the per liter price of 92-grade leadless gasoline will fall to NT$33.5, while 95-grade gasoline will decline to NT$35, and 98-grade gasoline will drop to NT$37. Premium diesel will decrease to NT$32.4.
The company stated that its floating oil price index, calculated as the sum of 70 percent Dubai Crude and 30 percent Brent Crude prices, warranted a price cut of 1.51 percent, or NT$0.4, reflecting declines observed throughout the global markets.
The average per-barrel price of oil has fallen from US$108.79 to US$107.05, down US$1.74 week-on-week, said the company, adding that concurrently the New Taiwan dollar strengthened NT$0.088 against the U.S. dollar.
The company remarked that the international community is growing optimistic over the likelihood of an end to conflicts in the Middle East via diplomatic means. In addition, CPC also cited a week-on-week increase in the U.S. commercial-use oil reserves as among the factors driving down international oil prices.