TAIPEI, Taiwan — State-run oil refiner CPC Corp., Taiwan, will cut its gasoline prices by NT$0.2 (US$0.007) per liter and diesel prices by NT$0.3 per liter in the coming week, with the new prices to take effect Sunday at midnight, the company announced.
After the adjustment, prices at CPC pumps will fall to NT$20.3 per liter for super diesel, NT$22.8 for 92 octane unleaded gasoline, NT$24.3 for 95 unleaded and NT$26.3 for 98 unleaded, according to the company.
It will also be the third consecutive week that CPC has lowered its fuel prices, bringing them to their lowest level since late November 2016.
The company explained that the price cut resulted from falls in global crude oil prices brought down by increased production by members of the Organization of the Petroleum Exporting Countries (OPEC) and a rise in U.S. shale oil production.
CPC calculates its weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude.
Due to the fall in international crude oil outputs, CPC calculated the average price of crude oil at US$46.43 per barrel for the week of June 10-16, down from NT$47.63 per barrel a week earlier, according to its website.