Gasoline prices are to drop by NT$0.1 per liter this week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements yesterday, citing a retreat in global crude oil prices last week.
The price reductions snapped a streak of five consecutive weeks of increases by the nation’s two refiners.
Gasoline prices at stations of state-owned CPC are to decrease to NT$31.5, NT$33 and NT$35 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the prices for Formosa’s 92, 95 and 98-octane unleaded gasoline would drop to NT$31.5, NT$32.9 and NT$35 respectively, the companies said.
However, premium diesel prices are to remain unchanged at NT$29.4 per liter at CPC stations and NT$29.2 per liter at Formosa pumps, they said.
Based on its floating oil price formula, the cost of crude oil last week fell 10.44 percent from a week earlier, as market sentiment was negatively affected by COVID-19 flare-ups in China and the US Federal Reserve announcing its first interest rate increase since 2018, CPC said.
In addition to widespread lockdowns in China spooking the oil market, negotiations between Ukraine and Russia, and reports that the US could lift sanctions on Venezuelan oil led to a fall in global crude oil prices, Formosa said.
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