CPC to cut gasoline prices by NT$1, diesel by NT$0.7 starting June 22

(CNA) - The easing of tensions in the Middle East, though requiring continued attention to future developments, has lessened the upward pressure on energy prices. CPC Corporation, Taiwan (CPC) announced today that starting from midnight on June 22 until midnight on June 28, gasoline prices will be cut by NT$1 per liter and diesel prices by NT$0.7 per liter.

CPC stated that from June 22 to June 28, the reference retail prices for various oil products will be NT$31.4 per liter for 92-octane unleaded gasoline, NT$32.9 per liter for 95-octane unleaded gasoline, NT$34.9 per liter for 98-octane unleaded gasoline, and NT$30.3 per liter for super diesel.

A CPC press release indicated that although international oil prices have fallen following the signing of a memorandum of understanding between the United States and Iran with a 60-day negotiation period, the situation in the Middle East still requires observation. Considering that CPC's accumulated absorption of gasoline and diesel price increases is estimated to have reached NT$17.7 billion from February 28 to June 21, and that neighboring Asian countries such as Japan and South Korea did not lower their oil prices this week, a comprehensive assessment has been made. The government's expansion of commodity tax reductions has already absorbed NT$3.7 per liter for gasoline and NT$2.1 per liter for diesel. Therefore, domestic gasoline and diesel prices will be reduced by NT$1 per liter and NT$0.7 per liter, respectively, from June 22 to June 28. (Editor: Lin Shu-yuan) 06/20/115

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