State-run CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday announced they would lower the prices of gasoline and diesel, effective today, after keeping their fuel prices unchanged last week.
CPC said that it would lower gasoline prices by NT$0.5 per liter to NT$21.5, NT$23 and NT$25 for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel would be NT$18.9.
Based on its floating oil price formula, the cost of crude oil decreased 5.69 percent last week from a week earlier, as global COVID-19 infections have surpassed 44 million, CPC said.
The selling in the oil market was also fanned by Libya’s quick resumption of oil production, the refiner added.
Formosa Petrochemical said that it would reduce prices for 92, 95 and 98-octane unleaded gasoline by NT$0.5 per liter to NT$21.5, NT$22.9 and NT$25 respectively, while premium diesel would drop by NT$0.4 to NT$18.7 per liter.
In other news, CPC is to hike this month’s wholesale prices of liquefied petroleum gas (LPG) and liquefied natural gas (LNG), effective today, it said yesterday.
The prices of LPG products, such as household LPG, propane and butane, as well as propane-butane mixtures, would increase by NT$1.5 per kilogram, while automotive LPG prices would rise by NT$0.8 per liter, it said.
As a result, the price of a 20kg gas cylinder — most commonly used by households, restaurants and food stands — would be NT$30 higher than last month, CPC said.
The average price of LNG is to rise by 2.88 percent, or NT$0.16 per cubic meter, from last month, the refiner said.
The price hike translates into an additional cost of NT$4.8 to NT$7.2 for households that use 30 to 45 cubic meters of LNG per month respectively, it said.
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