By: Lin Meng-ju and Frances Huang
Taipei, April 1 (CNA) Domestic gasoline and diesel prices are likely to fall next week as international crude oil prices moved lower amid fears that oil producing countries will not reach a deal to cap production, sources said Friday.
Based on fluctuations in crude prices this week, the sources said, state-run oil refiner CPC Corp. Taiwan could raise its gasoline prices by NT$0.3 (US$0.009) per liter and diesel prices by NT$0.4 per liter next week after a hike of NT$0.2 per liter for both gasoline and diesel prices this week.
The CPC calculates its weekly fuel prices based on a weighted oil price formula that comprises 70 percent Dubai crude and 30 percent Brent crude.
While members and non-members of the Organization of the Petroleum Exporting Countries agreed to meet in Qatar on April 17 to discuss the possibility of freezing output, there have been rumblings that it will be hard for the participants to strike a deal, the sources said.
The uncertainty renewed fears of a supply glut in the global oil market as demand has shown no sign of picking up amid persistent economic sluggishness across the world, dealers said. [FULL STORY]