Gasoline and diesel prices are to drop this week, although international crude oil prices increased 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 decline by NT$0.3 to NT$30.5, NT$32.0 and NT$34.0 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel is to fall by NT$0.3 to NT$28.3 per liter, the state-run refiner said in a statement.
Formosa said that its prices for 92 and 98-octane unleaded gasoline would be NT$0.3 lower at NT$30.5 and NT$34.0 per liter respectively, while 95-octane unleaded gasoline would be NT$0.2 cheaper at NT$32.0 per liter and premium diesel would decrease by NT$0.3 to NT$28.1 per liter.
CPC said that based on its floating oil price formula, the cost of crude oil increased 3.88 percent last week from a week earlier, as market sentiment was affected by the EU’s planned expansion of economic sanctions against Russia and the forced closure of Libya’s largest oil field due to protests.
Other factors that weighed on the global oil market last week were the IMF downgrading its global economic growth forecast for this year and a plunge in US crude oil inventories, Formosa said.
The spike in global oil prices would have resulted in CPC increasing gasoline prices by NT$3.4 per liter and diesel prices by NT$4.8 per liter, but the company absorbed the increases to comply with the government’s price stabiliztion policy, the refiner said.
Formosa cut its fuel prices after factoring in exchange rates for the New Taiwan dollar and local market competition, it said.
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