Gasoline prices are to fall by NT$1.2 per liter this week, while diesel prices are to fall by NT$1.3 per liter, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements yesterday.
The price adjustments came after the two companies on Wednesday cut their gasoline and diesel prices by NT$1.1 per liter in light of the Executive Yuan’s announcement that it would seek to lower prices of imported commodities over the next four months to stabilize domestic consumer prices.
Effective today, gasoline prices at CPC stations would fall to NT$27.3, NT$28.8 and NT$30.8 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel would fall to NT$25.3 per liter, the state-run refiner said.
Formosa said its prices for 92, 95 and 98-octane unleaded gasoline would fall to NT$27.3, NT$28.7 and NT$30.8 per liter respectively, while the price of premium diesel would fall to NT$25.1 per liter.
CPC said that global oil prices last week declined from a week earlier due to the Omicron variant of SARS-CoV-2, the resumption of negotiations on the Iranian nuclear agreement and other factors.
Apart from Omicron fears, which have led many countries to tighten border controls, speculation last week that the US Federal Reserve might scale back its bond purchases faster than previously expected affected the crude oil market, Formosa said.
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