Gasoline and diesel prices in Taiwan could fall next week after international crude oil prices edged lower over the past week, market sources said Friday.

Based on a floating pricing mechanism used by state-owned oil supplier CPC Corp., domestic fuel prices are expected to drop by NT$0.5 (US$0.02) to NT$0.6 per liter next week after a rise of NT$0.2 a liter this week, the sources said.

CPC adjusts domestic fuel prices on a weekly basis according to movements in a weighted oil price formula consisting of 70 percent Dubai crude and 30 percent Brent crude.

The price of a barrel of crude oil under the formula was US$55.91 as of March 12, down from US$58.84 the previous week, according to CPC's website.

If the expected drop in domestic fuel prices were to occur, prices at the pump would fall to NT$22.7 or NT$22.8 per liter for super diesel, NT$24.6 or NT$24.7 per liter for 92 octane unleaded gasoline, NT$26.1 or NT$26.2 per liter for 95 octane unleaded gasoline and NT$28.1 or NT$28.2 per liter for 98 octane unleaded gasoline.

Crude oil prices fell to a six-week low in U.S. markets overnight on rising oil reserves, while oil prices for April contracts shed 2.3 percent to US$47.05 a barrel on the New York Mercantile Exchange.

International crude oil prices have fallen more than 50 percent since mid-June 2014 because of falling demand and growing oil reserves in the U.S.

CPC Corp. is scheduled to announce its new fuel prices for next week at Sunday at noon.