Diesel prices are this week to increase by NT$0.1 per liter, while gasoline prices are to remain unchanged, even though international crude oil prices decreased last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) announced separately yesterday.
Effective today, gasoline prices at CPC stations are to stay at NT$31, NT$32.5 and NT$34.5 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to increase to NT$28.9 per liter, the state-run refiner said in a statement.
Formosa said that its prices for 92, 95 and 98-octane unleaded gasoline would remain at NT$31, NT$32.4 and NT$34.5 per liter respectively, while premium diesel would cost NT$28.7 per liter.
CPC said that based on its floating oil price formula, the cost of crude oil fell 4.67 percent last week from a week earlier, after Saudi Arabia and Houthi rebels in Yemen agreed to a two-month truce, easing supply concerns, while the International Energy Agency’s plan to release 120 million barrels from oil reserves also boosted market sentiment, it said.
Formosa said other factors that affected oil prices last week were an unexpected increase in US commercial crude inventories and Saudi Arabia’s price increases for Asian deliveries.
Separately, the Executive Yuan on Friday approved the appointment of Lee Shun-chin (李順欽) as CPC chairman and Fang Jeng-zen (方振仁) as president, promoting Lee from acting chairman and president, and Fang from vice president, the company said.
CPC is to hold a board meeting tomorrow to sign off on their appointments, it said.
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