State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said that it would lower gasoline and diesel prices by NT$0.1 and NT$0.2 per liter respectively, after a drop in global crude oil prices reduced the cost of oil imports.
It is the third price reduction that CPC has announced in the past three weeks.
CPC said in a statement on its Web site that calculations using its floating oil price formula resulted in the cost of crude oil last week decreasing US$0.71 per barrel from the previous week, as hawkish remarks by US Federal Reserve Chairman Jerome Powell on raising interest rates, along with sporadic COVID-19 outbreaks in China, hit market sentiment.
Effective today, gasoline prices at CPC stations are to fall to NT$29.1, NT$30.6 and NT$32.6 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel is to be NT$26.8 per liter, CPC said.
Reports that OPEC has yet to discuss a potential output cut, and that oil exports from Iran and Iraq remain normal despite domestic difficulties, also weighed on oil prices last week, Formosa Petrochemical Corp (台塑石化) said.
Formosa’s prices for 92, 95 and 98-octane unleaded gasoline are to drop to NT$29.1, NT$30.6 and NT$32.6 per liter respectively, while the price of premium diesel is to fall to NT$26.6 per liter.
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