State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced that it would lower gasoline prices by NT$0.8 per liter and diesel prices by NT$0.9 per liter, effective today.
This is compared with hikes of NT$0.6 per liter for gasoline and NT$0.7 per liter for diesel on Monday last week.
The price cuts reflect weak sentiment in the international crude oil market last week amid concerns about the spread of COVID-19 outside of China, including Japan, South Korea and Italy, CPC said.
Its average crude oil costs last week fell US$4.18 per barrel from the previous week’s US$56.91 to US$52.73 per barrel, the company said.
As the New Taiwan dollar last week depreciated NT$0.199 against the US dollar, CPC decided to lower wholesale prices for its diesel and gasoline products by 5.39 percent, it said.
Prices at CPC’s gas stations are now NT$24.7, NT$26.2 and NT$28.2 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is NT$22.4 per liter.
It also announced price cuts for liquefied petroleum gas (LPG) products and left prices unchanged for liquefied natural gas items, effective today.
The price of household LPG has been lowered by NT$1.4 per kilogram, which means a 20kg gas cylinder would cost NT$28 less, while the price of LPG used in cars was reduced by NT$0.8 per liter, it said.
Formosa Petrochemical Corp (台塑石化) announced similar price cuts effective today, with prices for 92, 95 and 98-octane unleaded dropping to NT$24.7, NT$26.1 and NT$28.2 per liter respectively, and premium diesel dropping to NT$22.2 per liter.
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