Taiwan’s two major fuel suppliers yesterday announced a significant reduction in fuel prices for the third consecutive week this week, citing a drop in international crude oil prices.
State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) said it would reduce its gasoline prices by NT$1.4 per liter, while its diesel prices would be cut by NT$1.5 per liter, effective today.
After the adjustments, retail prices at CPC gas stations would be NT$26.9 per liter for 92-octane unleaded, NT$28.4 for 95-octane unleaded, NT$30.4 for 98-octane unleaded and NT$24.8 for super diesel.
The reduction in prices is thanks to lower global crude oil prices this week, after US President Donald Trump stoked global trade tensions by threatening tariffs against China and Mexico. Mexico is a major supplier of crude oil.
As a result, crude dropped to US$61.09 per barrel last week, using CPC’s weighted oil price formula, down from US$67.18 a week earlier.
Privately owned Formosa Petrochemical Corp (台塑石化) announced identical price adjustments, which also take effect today.
After the adjustments, prices at Formosa Petrochemical gas stations nationwide would be NT$26.9 per liter for 92-octane unleaded, NT$28.3 for 95-octane unleaded, NT$30.4 for 98-octane unleaded and NT$24.6 for super diesel, the company said.
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