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Domestic oil prices fall to six-year low

Domestic oil prices fall to six-year low

Taipei, Jan. 11 (CNA) Domestic gasoline and diesel retail prices will drop by NT$1.2 (US$0.037) and NT$1.4 per liter, respectively, to their lowest levels in nearly six years, Taiwan's state-owned oil company announced Sunday. Starting midnight Monday, the new prices will be NT$20.9 per liter for super diesel, NT$23.1 per liter for 92 octane unleaded gasoline, NT$24.6 per liter for 95 octane unleaded gasoline and NT$26.6 per liter for 98 octane unleaded gasoline, according to the CPC Corp., Taiwan website. Domestic oil prices have dropped NT$11.3 per liter for gasoline and NT$12.5 per liter for diesel since June 30, 2014, reaching their lowest levels in nearly six years. Fuel prices in Taiwan are based upon weekly changes on a weighted crude oil price index consisting of 70 percent Dubai crude and 30 percent Brent crude. CPC Corp. said the index fell US$5.99 per barrel from the previous week to US$48.51, translating to an 8.25 percent drop for local fuel prices. The adjustment came after a decision by the Organization of the Petroleum Exporting Countries (OPEC) to leave its oil production levels unchanged, coupled with an increase in U.S. crude oil production, according to the state-owned oil company. (By Yang Shu-ming and Jeffrey Wu)


Updated : 2021-09-26 05:21 GMT+08:00