Gasoline and diesel prices will drop this week by NT$0.4 in response to a fall in international crude oil prices last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday.
The price cuts reflect falling crude oil prices in the international market as US crude oil stockpiles last week increased for a fifth week and Saudi Arabia promised to maintain stable supplies to the crude market, the companies said.
State-owned CPC said that after the adjustments, which would take effect today, prices would be NT$29.4 per liter for 92-octane unleaded, NT$31.0 per liter for 95-octane unleaded, NT$33.0 per liter for 98-octane unleaded and NT$27.7 per liter for super diesel.
Privately owned Formosa’s cuts are identical: Its prices are to be NT$29.5 per liter for 92-octane unleaded, NT$30.9 per liter for 95-octane unleaded, NT$33.0 per liter for 98-octane unleaded and NT$27.4 per liter for super diesel.
CPC decided on Oct. 7 to cap fuel prices at the previous week’s level until the end of the year to help keep domestic price levels stable.
This is the second weekly drop in Taiwan’s fuel prices since the price cap was introduced, but prices might rise slightly this week, CPC vice president Huang Jen-hung (黃仁弘) said, adding that they are expected to fluctuate in a narrow band the rest of the year.
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