State-run oil refiner CPC Corp, Taiwan (台灣中油) yesterday announced that it would lower gasoline prices by NT$0.7 per liter and diesel prices by NT$0.8 per liter, effective today.
It is the fifth consecutive week that domestic fuel prices have declined.
The price cuts reflect last week’s weakness in international crude oil prices, due to a slowing demand in the northern hemisphere and heavy selling pressure in the futures market, CPC said in a statement.
Fuel prices at CPC gas stations are to fall to NT$27.8, NT$29.3 and NT$31.3 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to fall to NT$25.7 per liter.
Privately owned refiner Formosa Petrochemical Corp (台塑石化) announced similar cuts, also effective today, with prices for 92, 95 and 98-octane unleaded falling to NT$27.8, NT$29.2 and NT$31.3 per liter respectively, with premium diesel retreating to NT$25.4 per liter.
Formosa attributed the weakness in global crude oil prices to OPEC’s downward revision of its global demand forecast for next year.
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