Taipei, June 27 (CNA)
Fuel prices in Taiwan are expected to fall next week in line with a decline in international crude oil prices amid concerns over the debt problems in Greece, market sources said Saturday.
The state-owned CPC Corp., Taiwan is likely to announce a fall of NT$0.1 (US$0.003) per liter for diesel and gasoline prices next week based on CPC's weighted oil price formula, which comprises 70 percent Dubai crude and 30 percent Brent crude.
It could be the second consecutive week in which domestic fuel prices will trend lower after a NT$0.2 fall per liter for gasoline and a NT$0.3 drop for diesel seen earlier this week.
International crude prices moved lower during most of this week amid fears that the debt woes in Greece will have an adverse impact on global demand and hurt the world's economy.
Earlier this week, Greece's creditors rejected a financial reform proposal from the European country, so concerns over a default by the country have been looming large.
The market has been watching closely how a finance ministers' meeting in the eurozone scheduled for Saturday will proceed ahead of the deadline of Greece's debt repayment June 30.
Crude oil prices recovered to some extent in the late Friday session on hopes that summer demand will offset the impact of the worries over the debt situation in the eurozone.
Light, sweet crude for August delivery finished down 0.6 percent this week from last week on the New York Mercantile Exchange, while Brent closed up 0.4 percent for the week.
According to the CPC website, the average price of a barrel of crude under its weekly floating price formula stood at US$61.36 as of June 26, down from US$61.70 the previous week.
If the price reduction is implemented next week as expected, prices at the pump will stand at NT$23.70 per liter for super diesel, NT$25.6 per liter for 92 octane unleaded gasoline, NT$27.1 per liter for 95 octane unleaded gasoline and NT$29.1 per liter for 98 octane unleaded gasoline.
CPC is scheduled to announce the fuel price adjustments for next week Sunday noon. (By Huang Chiao-wen and Frances Huang)
Taipei, June 27 (CNA)