State-run CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would slightly lower the prices for its gasoline products this week, but keep the prices for its diesel products unchanged.
Rival Formosa Petrochemical Corp (台塑石化) is to follow suit.
Under CPC’s pricing mechanism, its average crude oil costs dropped US$0.49 to US$106.95 per barrel last week from the previous week, enabling the firm to cut gasoline prices by NT$0.1 per liter and maintain diesel prices, the company said.
Meanwhile, CPC has cut the prices for its liquefied petroleum gas (LPG) this month, while increasing those for liquefied natural gas (LNG).
Based on the company’s pricing mechanism, household LPG prices are NT$1 lower per kilogram and the average LNG prices are 2.35 percent higher than last month’s, the company said on Saturday.