Date: Nov 07, 2016
By: Staff writer, with CNA
State-run CPC Corp, Taiwan (CPC, 台灣中油) is to lower pump prices for gasoline and diesel by NT$1 per liter today, due to a fall in international crude oil prices, the company said.
The price cut was taken to reflect falling international crude oil prices amid lingering concerns over a global supply glut, CPC said.
The company calculates weekly fuel prices based on a weighted oil price formula comprised of 70 percent Dubai crude and 30 percent Brent crude. Based on that formula, the price per barrel of crude oil stood at US$44.70 as of Friday, down from US$48.76 a week earlier, it said.
The international crude oil market remained volatile last week, extending losses from a week earlier due to rising concerns over OPEC’s failure to implement an output cut. [FULL STORY]