Published By : 31 Aug 2015 | Published By : QYRESEARCH
As reported in Taipei, Taiwan, the state-run oil refiner CPC Corp. mentioned yesterday that it plans to cut the price of gasoline and diesel. The prices will be cut down by NT$0.7 and NT$0.8/liter.
The cutting down of prices starts today knocking down costs to a seven-month low.
CPC will offer wholesale from starting midnight on Monday, 92-octane unleaded gasoline costing at NT$22.4/litre. The other two 95-octane and 98-octane will be at NT$23.9/litre and NT$25.9/litre.
Moreover, the wholesale cost of super diesel is planned for a decline to NT$20.1/litre, said the company in a statement.
The CPC has the capacity to adjust fuel prices every week based on the formula that comprises 70% of the Dubai crude and 30% of the Brent crude benchmarks.
The oil prices seen across the globe declined after variable trading observed in the last week. The news that the U.S. economy is deemed for faster growth is poised for expectations in the second quarter, added the CPC.
Considering the mechanism of refiner’s oil pricing, the costs across the globe declined to US$43.87/barrel from the preceding week’s price US$47.07/barrel. The gloominess spread over due to the Chinese demand counteracting the optimism on Beijing’s interest rate cut.
In order to reflect the reduction, the CPC will reduce the gasoline and diesel prices by 5.14%. The company said this in a company statement that the rate in the New Taiwan dollar is declining NT$0.13 in opposition to the U.S. dollar.
The oil refiner, which is functioned privately, is expected to trade off the 92-octane at NT$22.3/litre. This rate is expected to be less than the company’s equivalent product trading at NT$0.14.
Formosa Petrochemical Corp commented on Saturday that it would reduce the gasoline and diesel prices by NT$0.7 and NT$0.8/litre. These values are expected to reduce starting Sunday, 1 a.m.