CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday said they would cut gasoline and diesel prices today by NT$1.0 per liter, after global crude oil prices continued to fall last week on negative market sentiment due to the 2019 novel coronavirus outbreak.
Based on CPC’s weighted oil price formula — composed of 70 percent Dubai crude and 30 percent Brent crude — its average crude oil costs fell to US$54.32 per barrel last week, from US$58.45 a week earlier.
After factoring in the appreciation of the New Taiwan dollar, which last week was up by NT$0.084 against the US dollar, fuel prices would be reduced by 5.86 percent this week, CPC said.
From today, prices at CPC gas stations are to be NT$24.9, NT$26.4 and NT$28.4 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to cost NT$22.7 per liter, it said.
Formosa Petrochemical cut its 92, 95 and 98-octane unleaded gasoline to NT$24.9, NT$26.3 and NT$28.4 per liter respectively, with premium diesel dropping to NT$22.5 per liter.
The new fuel prices are the lowest since Dec. 31, 2018, company data showed.
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