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Domestic fuel prices could fall or stay unchanged next week

Domestic fuel prices could fall or stay unchanged next week

Taipei, June 19 (CNA) Fuel prices in Taiwan are expected to fall or stay unchanged next week as international crude oil prices recovered some of their earlier losses this week, market sources said Friday. The state-owned CPC Corp., Taiwan (??) is likely to announce a fall of NT$0.1 (US$0.003) per liter for diesel next week, based on a weighted oil price formula comprising 70 percent Dubai crude and 30 percent Brent crude, the sources said. However, gasoline prices are expected to remain unchanged, the sources added. The expected adjustments will stop a two-week increase in domestic fuel prices. International crude oil prices fell earlier this week, although a report released by the U.S. Department of Energy shows that American commercial crude inventories dropped by 2.7 million barrels in the week ending June 12, marking the seventh consecutive week for commercial crude inventories to fall. Later, crude oil prices rebounded as traders took cues from a fall in the U.S. dollar value to drag down oil prices after the U.S. Federal Reserve signaled a dovish manner in a move to raise key interest rates. Crude oil futures in New York rose 0.9 percent to US$60.45 per barrel overnight, while the global Brent futures contract in London ended up 0.6 percent at US$64.26 per barrel. According to the CPC website, the average price of a barrel of crude under its weekly floating price formula stood at US$61.66 as of June 17, down from US$62.67 the previous week. If the price reduction is implemented next week as expected, prices at the pump will stand at NT$24.0 per liter for super diesel, NT$25.9 per liter for 92 octane unleaded gasoline, NT$27.4 per liter for 95 octane unleaded gasoline and NT$29.4 per liter for 98 octane unleaded gasoline. The CPC is scheduled to make an announcement regarding fuel prices for next week June 21. (By Lin Meng-ju and Frances Huang)


Updated : 2021-09-28 07:49 GMT+08:00