Gasoline and diesel prices are to drop for a third consecutive week after global crude oil prices fell last week, the nation’s two major oil refiners announced yesterday.
Gasoline prices are to drop NT$0.1 per liter today, following a NT$0.3 decrease last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements.
Diesel prices are to fall NT$0.1 per liter, after a decline of NT$0.2 per liter last week, they said.
Effective today, gasoline prices at CPC stations are to drop to NT$28.8, NT$30.3 and NT$32.3 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel is to drop to NT$26.6 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$28.8, NT$30.3 and NT$32.3 per liter respectively, while premium diesel is to cost NT$26.4 per liter.
International crude oil prices last week fell from the previous week as US shale oil production is estimated to reach a better-than-expected 9.1 million barrels per day next month and the US announced plans to release more oil from its strategic reserves, CPC said.
Based on its floating oil price formula, the cost of crude oil last week dropped 3.14 percent from a week earlier, CPC said.
Reports that Beijing is to maintain its “zero COVID-19” policy — as Chinese President Xi Jinping (習近平) at the 20th Chinese Communist Party National Congress signaled the need to continue to suppress transmission of the virus — also supported global oil prices last week, Formosa said.
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