CPC cuts per-liter price of gas down by NT$0.1

By Ted Chen, The China Post

TAIPEI, Taiwan — State owned CPC Co. (CPC, 中油) yesterday announced that the per-liter price of gasoline will be slashed by NT$0.1, effective midnight today.

Following the change, the per-liter price of gasoline at CPC pumps throughout Taiwan is expected to fall at NT$34.4 for 92-octane, NT$35.9 for 05-octane, and NT$37.9 for 98-octane. The price of premium diesel to reach NT$33.4. Meanwhile, effective at 1 a.m. today, per-liter fuel prices at Formosa Petrochemical Co. affiliated gas stations is set to reach NT$34.4 for 92-octane, NT$35.9 for 95-octane, and NT$38.1 for 98-octane, with premium diesel priced at NT$33.4.

Consumers filling a full tank of 95-octane gasoline are expected to see savings of about NT$5.

CPC last Sunday deemed a NT$0.1 hike on the per-liter price of fuel necessary, citing escalating conflict in the Middle East as Islamic State in Iraq and the Levant (ISIL) rebels threatens to disrupt oil production efforts in southern Iraq.

In line with sector analysts’ expectations, the impact of increased ISIL activity to long-term oil prices were deemed as minimal. As a result, the CPC’s floating oil price index, calculated as the sum of 70 percent Dubai Crude and 30 percent Brent Crude this week reached US$110.93 per barrel of oil, declining by US$0.22 per barrel compared to last week’s price of US$111.15. According to the CPC, the change warranted a 0.28 percent, or NT$0.1 downward adjustment in the per-liter price of gasoline.