State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced that it would lower gasoline prices by NT$0.7 per liter and diesel prices by NT$0.9 per liter, effective today.
It is the seventh consecutive week that domestic fuel prices have declined, with prices to be the lowest in about eight months.
After the adjustments, fuel prices at CPC’s gas stations are to fall to NT$26.2, NT$27.7 and NT$29.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to fall to NT$24 per liter.
The price cuts reflect weak sentiment in the international crude oil market last week, due to a continued increase in US commercial crude oil inventories and soft demand in the northern hemisphere, CPC said, adding that the world’s major oil producers have yet to reach a deal on oil output cuts.
CPC on Saturday announced price cuts for liquefied petroleum gas (LPG) and left prices unchanged for liquefied natural gas.
Effective yesterday, the price of household LPG was lowered by NT$2.2 per kilogram, which means a 20kg gas cylinder would cost NT$44 less, while the price of LPG used in cars was reduced by NT$1.2 per liter, CPC said.
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$26.2, NT$27.6 and NT$29.7 per liter respectively, and premium diesel retreating to NT$23.7 per liter.
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