Fuel prices in Taiwan are likely to fall next week as international crude oil prices continue a downward trend amid lingering concerns over weak global demand, market sources said yesterday.
Worries over global demand were raised further by the US Federal Reserve’s move overnight to leave its benchmark interest rate unchanged, which the Fed attributed in part to uncertainty over the world’s economic climate, the sources said.
State-owned CPC Corp, Taiwan (台灣中油) could cut gasoline and diesel prices by NT$0.4 per liter next week after this week’s reduction of NT$0.3 per liter for gasoline and NT$0.4 per liter for diesel, the sources said.
CPC calculates its fuel prices based on a weighted oil price formula comprised of 70 percent Dubai crude and 30 percent Brent crude oil prices to decide its weekly price adjustments.
The sources said international crude oil prices went through seesaw fluctuations earlier this week. Before the Fed’s decision, crude prices staged a rebound as traders were betting that the Fed would not raise interest rates.
However, after the decision, market sentiment was dampened by the Fed’s comments highlighting “uncertainties abroad,” including an economic slowdown in China.
The Fed’s statement exacerbated concerns that falling demand will make a supply glut worse, the sources said.
West Texas Intermediate crude for delivery next month was down by 0.5 percent at US$46.9 per barrel in New York, while Brent, the global benchmark, closed down by 1.3 percent to US$49.08 per barrel in London on Thursday.
CPC’s weekly floating price formula stood at US$45.25 as of Thursday, down from US$46.72 the previous week, according to its Web site.
If CPC implements the expected changes next week, prices at the pump are expected to fall to NT$20.5 per liter for super diesel, NT$22.7 per liter for 92-octane unleaded gasoline, NT$24.2 per liter for 95-octane unleaded and NT$26.2 per liter for 98-octane unleaded.
The state-owned oil supplier tomorrow at noon is scheduled to announce the price adjustments for next week.
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