Mon, Jan 27, 2020 - Page 6 News List

Gas stations reduce prices as oil falls

By Chen Cheng-hui  /  Staff reporter

CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday said they would lower domestic gasoline and diesel prices by NT$0.3 per liter this week on the back of continued decreases in global crude oil prices amid concerns that a spreading virus from China would curb travel and hurt market demand.

Crude oil prices also fell last week as tensions continued to ease in the Persian Gulf and the International Energy Agency forecast an oversupply of crude oil in the first half of this year, the companies said in separate statements.

Based on CPC’s weighted oil price formula — 70 percent Dubai crude and 30 percent Brent crude — the refiner’s average crude oil costs fell to US$63.32 per barrel last week, from US$64.66 a week earlier. After factoring in the depreciation of the New Taiwan dollar, which was down by NT$0.036 against the US dollar last week, domestic gasoline prices should be reduced by 1.56 percent this week, it said

Effective today, fuel prices at CPC gas stations would drop to NT$26.8, NT$28.3 and NT$30.3 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel would fall to NT$24.7 per liter, it said.

Prices at Formosa Petrochemical’s pumps for 92, 95 and 98-octane unleaded would decline to NT$26.8, NT$28.2 and NT$30.3 per liter respectively, with premium diesel moving down to NT$24.5 per liter, the company said.

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