Taiwan’s two major fuel suppliers announced price reductions for this week after three consecutive weeks of hikes, a reflection of a fall in international crude oil prices due to concerns about the global economic outlook and a slowdown in global demand.
Effective today, the price of CPC Corp, Taiwan (CPC, 台灣中油) gasoline and diesel are to fall NT$0.4 per liter, the state-run refiner said.
Retail prices at CPC gas stations will be NT$27.2 per liter for 92-octane unleaded, NT$28.7 for 95-octane unleaded, NT$30.7 for 98-octane unleaded and NT$25.1 for super diesel.
Concerns over a gloomy economic outlook for the second half of this year and slowing demand for crude oil amid a supply glut resulted in the drop in international crude prices last week, CPC said.
Crude dropped to US$62.90 per barrel last week in CPC’s weighted oil price formula, down from US$64.71 a week earlier.
Privately owned Formosa Petrochemical Corp (台塑石化) announced identical price adjustments, also taking effect today.
After the adjustments, prices at Formosa gas stations nationwide are to be NT$27.2 per liter for 92-octane unleaded, NT$28.6 for 95-unleaded, NT$30.7 for 98-unleaded and NT$24.9 for super diesel.
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