Mon, Aug 12, 2019 - Page 16 News List

CPC, Formosa announce substantial fuel price cut

Staff writer, with CNA

Taiwan’s two major fuel suppliers yesterday announced sizeable fuel price reductions for this week, reflecting a drop in international crude oil prices due to concerns over heightened trade tensions between the US and China.

State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) said its gasoline prices would decline by NT$0.9 per liter, while its diesel prices would drop by NT$1 per liter, effective today.

The reductions are the second largest for any week this year. The biggest cuts came on June 10 when gasoline prices were lowered by NT$1.4 per liter and diesel prices by NT$1.5 per liter.

After the latest adjustments, retail prices at CPC gas stations would be NT$26.3 per liter for 92-octane unleaded, NT$27.8 for 95-octane unleaded, NT$29.8 for 98-octane unleaded and NT$24.1 for super diesel.

Global crude oil prices dropped last week due to the ongoing US-China trade conflict, exacerbated when Beijing decided to let the yuan fall to offset the new US tariffs.

As a result, crude prices fell to US$58.04 per barrel last week based on CPC’s weighted oil price formula, down from US$62.75 a week earlier, it said.

Meanwhile, privately owned Formosa Petrochemical Corp (台塑石化) announced identical price adjustments, which are also to take effect today.

After the adjustments, prices at Formosa gas stations would be NT$26.3 per liter for 92-octane unleaded, NT$27.7 for 95-unleaded, NT$29.8 for 98-unleaded and NT$23.9 for super diesel.

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