Taiwan’s two major fuel suppliers announced price reductions — to take effect today — after eight consecutive weeks of price hikes, citing a fall in international crude oil prices driven by trade friction between the US and China.
CPC Corp, Taiwan’s (CPC, 台灣中油) gasoline and diesel prices are to fall NT$0.2 per liter, the state-run oil refiner said.
With the adjustments, retail prices at CPC gas stations would be NT$28.6 per liter for 92-octane unleaded, NT$30.1 per liter for 95-octane unleaded, NT$32.1 per liter for 98-octane unleaded and NT$26.6 per liter for super diesel.
Based on CPC’s floating price mechanism, its crude oil costs had risen for eight consecutive weeks since March 18, but after reaching US$71.21 per barrel the week of April 29, they fell last week to US$70.02 per barrel, leading to the price reduction.
Concerns that the US-China trade dispute would hurt demand for crude oil resulted in the drop in international crude prices, CPC said.
Meanwhile, privately owned Formosa Petrochemical Corp (台塑石化) announced identical price adjustments for its products, effective today.
Prices at Formosa gas stations would be NT$28.6 per liter for 92-octane unleaded, NT$30 per liter for 95-octane unleaded, NT$32.1 per liter for 98-octane unleaded and NT$26.4 per liter for diesel.
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