CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday said that they would lower gasoline and diesel prices this week by NT$0.9 per liter for gasoline and NT$1 per liter for diesel, after global crude oil prices fell last week amid concerns that a coronavirus outbreak that began in China would dent global growth and market demand.
Based on CPC’s weighted oil price formula — 70 percent Dubai crude and 30 percent Brent crude — its average crude oil costs fell to US$58.45 per barrel last week, from US$63.32 a week earlier.
After factoring in the depreciation of the New Taiwan dollar, which last week was down by NT$0.276 against the US dollar, gasoline prices should be reduced by 5.47 percent this week, CPC said.
From today, prices at CPC gas stations are to be NT$25.9, NT$27.4 and NT$29.4 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to cost NT$23.7 per liter, it said.
Formosa Petrochemical cut its 92, 95 and 98-octane unleaded gasoline to NT$25.9, NT$27.3 and NT$29.4 per liter respectively, with premium diesel dropping to NT$23.5 per liter.
Separately on Saturday, CPC said that it would leave domestic prices of liquefied natural gas and liquefied petroleum products unchanged this month from last month in accordance with the government’s efforts to stabilize consumer prices amid concern over the global spread of coronavirus.
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