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CPC slashes gasoline prices by NT$0.4 per liter as of midnight

TAIPEI, Taiwan -- State-run CPC Co. (中油) yesterday announced that effective midnight today, the price of fuel will be slashed by NT$0.4 per-liter following an adjustment to reflect changes in current international prices.

Following the change, the per-liter price of 92-octane, 95-octane, and 98 octane lead-free gasoline will be set at NT$34, NT$35.5, and NT$37.5, respectively. The price of premium diesel will be set at NT$33 per liter.

The company stated that its floating oil price index, calculated as the sum of 70 percent Dubai Crude and 30 percent Brent Crude this week reached US$109.02 per-barrel, down by US$1.91 compared to the US$110.93 recorded in the previous week. Concurrently, the New Taiwan Dollar strengthened against the American greenback by NT$0.09. Under the influence of the above changes, the CPC deemed a 1.61 percent, or NT$0.4 per-liter price adjustment necessary.

Despite escalating security concerns in the Middle East following Sunni Islamist militant group Islamic State of Iraq and the Levant's (ISIL) declaration to form a new Islamist Caliphate, the organizations activities have thus far affected oil production operations in southern Iraq, said CPC. Coupled with the progress made between Syrian authorities and rebels, Dubai Crude and Brent Crude prices both receded to US$108 and US$109 per barrel respectively.

The CPC emphasized that since the enactment of the Executive Yuan's monthly payable fuel subsidy program in May of 2011, the company has expended NT$7.238 billion as of June 30. The company added that subsidiaries application submissions remain ongoing for the month of June, which is slated to offer stipends of NT$4.8 per-liter to coach bus operators, while fuel subsidies for July will be adjusted to NT$4.9 per-liter for taxi operators.

Meanwhile, prices at Formosa Petrochemical Co. gas stations will also see prices slashed by NT$0.4 per-liter. Effective midnight today, the price of 92-octane, 95-octane, and 98-octane unleaded gasoline will be set at NT$33.9, NT$33.9, and NT$35.5, respectively, with premium diesel to cost NT$33 per liter.

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