Mon, Sep 09, 2019 - Page 15 News List

CPC, Formosa prices to drop slightly this week

Staff writer, with CNA

The nation’s two major fuel suppliers yesterday announced price cuts of NT$0.2 per liter for gasoline and NT$0.1 per liter for diesel for this week, amid escalating trade friction between the US and China, which has caused international oil prices to drop.

State-run CPC Corp, Taiwan (CPC, 台灣中油) said that with the adjustments, prices at its 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$24.2 for diesel, effective today.

The adjustments came after the US imposed tariffs on Chinese goods on Sept. 1, leading US-China trade relations to deteriorate further.

Given that international crude oil prices are easily affected by global political and economic changes, the trade dispute and an increase in oil output by major oil producer Russia caused international oil prices to fall this past week, CPC said in a statement on its Web site.

CPC adjusts its prices weekly using a weighted oil price formula composed of 70 percent Dubai crude and 30 percent Brent crude.

Based on that formula, the price of crude dropped US$0.65 in the past week to US$59.12 per barrel, the company said.

Formosa Petrochemical Corp (台塑石化), announced identical price changes, taking effect today.

The privately run company said that prices at its gas stations would be NT$26.3 per liter for 92-octane unleaded, NT$27.7 for 95-octane unleaded, NT$29.8 for 98-octane unleaded and NT$24 for diesel.

This story has been viewed 1759 times.

Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. Final decision will be at the discretion of the Taipei Times.

TOP top