Gasoline and diesel prices are to drop by NT$0.3 and NT$0.4 per liter respectively this week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements yesterday.
While international oil prices rose last week, the two companies are this week lowering domestic fuel prices after considering international trends, the New Taiwan dollar exchange rate against the US dollar, domestic competition and a government policy to keep domestic fuel prices lower than in neighboring markets, they said.
Gasoline prices at CPC stations are to fall to NT$29.2, NT$30.7 and NT$32.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel is to be NT$27 per liter, CPC said.
Formosa Petrochemical said its prices for 92, 95 and 98-octane unleaded gasoline are to drop to NT$29.2, NT$30.7 and NT$32.7 per liter respectively, while the price of premium diesel is to fall to NT$26.8 per liter.
CPC said global oil prices moved higher last week as market sentiment was boosted by signals that OPEC might cut output, and news that Russian and Kazakhstani oil exports were disrupted by equipment maintenance at a Black Sea terminal.
Formosa said that oil prices were also buoyed by the US rejecting Iran’s conditions for reviving a nuclear agreement that the US withdrew from in 2018.
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