State-run refinery CPC Corp., Taiwan said Sunday that it will cut gasoline and diesel prices by NT$0.1 per liter as international crude oil prices have continued to drop amid the economic slowdown in Europe and the United States, Taiwan's official Central News Agency reported.

It is the 11th consecutive week that the CPC has dropped fuel prices since April 2, when it raised them by an average 10 percent in a bid to reduce its mounting losses.

With the new cut, the price of 92-octane unleaded gasoline will fall to NT$31.4 per liter, 95-octane unleaded gasoline will be NT$32.9 per liter, 98-octane unleaded will be NT$34.9 per liter and diesel will drop to NT$30.3 per liter, the company said.

The decision was based on a drop in CPC Corp.'s weighted calculation of its average crude oil price to US$96.64 per barrel, down US$0.46 from the previous week, the news agency reported the company as saying.