State-run oil refiner CPC Corp, Taiwan (CPC, 中油) said yesterday that it will lower its domestic gasoline and fuel prices this week, the third consecutive week it has cut fuel prices.
The move came after a fall in international crude prices last week amid rising concerns over a global supply glut after the US Energy Information Administration (EIA) released a report saying US shale oil production is likely to rise to as many as 11 million barrels per day next year, which could compromise efforts by OPEC and non-OPEC producers to cut their output, analysts said.
However, the gains posted by international crude oil prices were limited to some extent by a lower-than-expected increase in US crude oil inventories in the week to Feb. 9, analysts added.
According to the EIA, crude stockpiles in the US market rose by 1.8 million barrels to 422.1 million last week in the third consecutive week of gains.
CPC’s average price for crude oil was calculated at US$61.03 per barrel last week, a decrease of about US$3 from a week earlier, according to its Web site.
CPC said it will lower its gasoline prices by NT$0.6 (US$0.20) per liter and cut its diesel prices by NT$0.7 per liter this week.
After the latest adjustments, prices at CPC gas stations nationwide will fall to NT$23.6 per liter for super diesel, NT$25.8 per liter for 92 octane unleaded, NT$27.3 per liter for 95 unleaded and NT$29.3 per liter for 98 unleaded, all the lowest for the year thus far, the company said.
Formosa Petrochemical Corp (台塑石化) announced a day earlier that it would cut its gasoline and diesel prices by NT$0.6 and NT$0.7 per liter, respectively, effective from 1am today.
After the cut, prices at Formosa Petrochemical gas stations will drop to NT$23.3 per liter for super diesel, NT$25.8 per liter for 92 octane unleaded, NT$27.2 per liter for 95 unleaded and NT$29.3 per liter for 98 unleaded, the company said.
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