Domestic gasoline and diesel prices are to drop by NT$0.6 per liter this week, following a decrease of NT$0.1 per liter last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday.
Effective today, gasoline prices at CPC stations are to fall to NT$29.5, NT$31.0 and NT$33.0 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel is to drop to NT$27.3 per liter, the state-run refiner said in a statement.
Due to the EU’s embargo on Russian oil and the arrival of the peak holiday driving period in the northern hemisphere, international crude oil prices last week increased from the previous week, CPC said.
Other factors weighing on the global market were the lifting of lockdowns in Shanghai and a larger-than-expected drop in US oil inventories last week, Formosa said in a separate statement.
Based on CPC’s floating oil price formula, the cost of crude oil last week rose 2.04 percent from a week earlier.
The refiner said that it should have raised gasoline prices this week by NT$6.0 per liter and diesel prices by NT$7.5 per liter.
However, in compliance with a government policy to keep consumer prices stable and fuel prices lower in Taiwan than in neighboring markets, CPC said it would absorb the increases by implementing a price stabilization mechanism.
CPC spent NT$12.79 billion (US$435.2 million) to absorb higher fuel costs in the first five months of the year, it said.
Formosa Petrochemical said its prices for 92, 95 and 98-octane unleaded gasoline are to drop to NT$29.5, NT$31.0 and NT$33.0 per liter respectively, while the price of premium diesel is to drop to NT$27.1 per liter.
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