State-owned oil supplier CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced that it is to lower both gasoline and diesel fuel prices by NT$0.5 per liter, effective today, to reflect a fall in international crude oil prices.

After the adjustments, fuel prices at CPC pumps are to be NT$20.6 per liter for super diesel, NT$23 per liter for 92-octane unleaded, NT$24.5 for 95-octane unleaded and NT$26.5 for 98-octane unleaded, CPC said.

International crude oil prices last week posted a decline for the third consecutive week due to a spike in crude oil production in Nigeria and the US raising concerns about oversupply, it said.

The company calculates weekly fuel prices based on a weighted formula comprising 70 percent Dubai crude and 30 percent Brent crude.

The average price per barrel last week was US$47.63, down US$2.22 from the previous week.

Taking into account the New Taiwan dollar’s appreciation of NT$0.014 against the US dollar, CPC said it decided to reduce wholesale prices for diesel and gasoline products by 3.6 percent, or NT$0.5 per liter, based on its floating pricing mechanism.

Formosa Petrochemical Corp (台塑石化), the nation’s only privately run oil refiner, on Saturday announced similar price cuts.

After the adjustments, prices at Formosa gas stations are to fall to NT$20.3 per liter for super diesel, NT$23.0 per liter for 92-octane unleaded, NT$24.4 per liter for 95-octane unleaded and NT$26.5 per liter for 98-octane unleaded, the company said.