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Domestic fuel prices plummet amid crude price fluctuations

Domestic fuel prices plummet amid crude price fluctuations

Taipei, Aug. 30 (CNA) Gasoline prices in Taiwan will move lower by NT$0.7 (US$0.022) per liter, while diesel prices will be cut by NT$0.8 per liter, starting midnight Sunday, according to the state-owned CPC Corp., Taiwan (??). International oil prices have experienced vigorous fluctuations over the past week, with first a sharp fall being recorded due to concerns over a slowdown of China's economy, the second-largest in the world, and then a rebound thanks to Beijing's monetary policy easing and the economic growth of the United States, the company said. The overall drop in oil prices was still substantially greater than the rebound on average during the week, it added. After the planned adjustment, prices at the pump will fall to NT$20.1 per liter for super diesel, NT$22.4 per liter for 92 octane unleaded gasoline, NT$23.9 per liter for 95 octane unleaded gasoline and NT$25.9 per liter for 98 octane unleaded gasoline. The CPC calculates its fuel prices based on a weighted oil price formula, which is comprised of 70 percent Dubai crude and 30 percent Brent crude. In the past week, the average 7D3B oil price dropped US$3.2 to US$43.87 per barrel from the previous week, while the Taiwan dollar depreciated NT$0.13 against the greenback. The domestic fuel prices fell by 5.14 percent based on its floating price formula, the CPC said. Also, because of the fluctuations in international oil prices, the price for natural gas is estimated to have fallen by 5 percent per cubic meters based on the CPC's calculation formula, with household liquefied petroleum gas (LPG) expected to be cut by NT$2.5-NT$3 per kilogram. The CPC is set to announce the price-cut at 4 p.m. Tuesday. From November 2014 to August of this year, the CPC has cut the LPG price by NT$6.95 per kilogram and adjusted the price for natural gas lower by NT$6.76 per cubic meter. (By Milly Lin and Elizabeth Hsu)


Updated : 2021-09-27 00:06 GMT+08:00