Gasoline prices are to drop by NT$0.1 per liter today, following an increase 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.
Diesel prices are to decrease by NT$0.2 per liter, after a price increase of NT$0.2 per liter last week, the companies said.
Effective today, 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 drop to NT$26.9 per liter, the state-run refiner said in a statement.
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 cost NT$26.7 per liter.
As OPEC+ members are to cut output by 2 million barrels per day from next month, the largest reduction since May 2020, international crude oil prices last week increased, CPC said.
Other factors weighing on the global oil market were the decrease of US crude oil and gasoline inventories, and the EU’s sanction on Russian oil exports, Formosa said in a separate statement.
Based on its floating oil price formula, the cost of crude oil last week rose 4.96 percent from a week earlier, CPC said.
The refiner said that it should have raised gasoline prices this week by NT$3.7 per liter and diesel prices by NT$5.0 per liter.
However, in compliance with a government policy to keep consumer prices stable and fuel prices lower than in neighboring markets, CPC said it would absorb the increases by implementing a price stabilization mechanism.
CPC said it spent NT$36.14 billion (US$1.14 billion) to absorb higher fuel costs in the first nine months of the year.
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