The nation’s two major fuel suppliers yesterday announced price cuts of NT$0.1 per liter for gasoline and diesel this week, citing a drop in international crude oil prices.
At CPC Corp, Taiwan’s (CPC, 台灣中油) fuel stations, prices would fall to NT$26.2 per liter for 92-octane unleaded, NT$27.7 for 95-octane unleaded, NT$29.7 for 98-octane unleaded and NT$24 for super diesel, effective today.
This is the third consecutive week that the state-run company has cut fuel prices due to falling international oil prices, which it said was because the US had a bigger inventory of commercial oil over the past four weeks, during the current low season for crude oil demand in the northern hemisphere.
Crude oil prices may rise if the trade frictions between the US and China ease, CPC vice president Fang Jeng-zen (方振仁) said.
However, that is not the only factor affecting oil prices in the international market, he said, citing geopolitics in the Middle East.
Oil prices are likely to continue to fluctuate in a limited range in the short-term, Fang said.
According to CPC’s weighted oil price formula, which is composed of 70 percent Dubai crude and 30 percent Brent crude, the price of crude dropped US$0.11 over the past week from US$58.90 to US$58.79 per barrel.
Privately owned Formosa Petrochemical Corp (台塑石化) announced identical fuel cuts, which would lower prices at its gas stations to NT$26.2 per liter for 92-octane unleaded, NT$27.6 for 95-octane unleaded, NT$29.7 for 98-octane unleaded and NT$23.8 for diesel.
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