By: Lin Meng-ju and Frances Huang
Taipei, Jan. 14 (CNA) Gasoline and diesel prices in Taiwan are expected to fall to a 13-year low next week as international crude oil prices remain weak, market sources said Thursday.
A global economic slowdown has resulted in high oil inventories, which in turn have kept international crude oil prices low, the sources said, noting that crude prices fell Wednesday to an almost 12-year low.
Based on the lower crude oil prices, CPC Corp., Taiwan (中油) is expected to drop its gasoline and diesel prices by NT$0.9 (US$0.03) per liter next week, after a NT$0.4 cut this week, the sources said.
If the cut is implemented next as expected, the price of the benchmark 95 octane unleaded gasoline will be around NT$20 per liter, almost the same as a 600-cc bottle of water, the sources said.
CPC calculates its weekly fuel prices based on a weighted oil price formula that comprises 70 percent Dubai crude and 30 percent Brent crude. [FULL STORY]