Gasoline and diesel prices are to fall NT$0.1 per liter this week due to a decline in global crude oil prices last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements yesterday.
Effective today, gasoline prices at CPC stations are to drop 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 fall to NT$26.9 per liter, the state-run refiner said in a statement.
Formosa said that its prices for 92, 95 and 98-octane unleaded gasoline would be NT$29.1, NT$30.6 and NT$32.6 per liter respectively, while premium diesel is to cost NT$26.7 per liter.
CPC said that based on its floating oil price formula, the cost of crude oil fell 6 percent last week from a week earlier, as several adverse factors dented market sentiment and depressed oil prices.
“Oil prices fell last week on market rumors that OPEC and its allies plan to raise oil production by 500,000 barrels per day in December,” CPC said.
A rebound in the US dollar against a collection of major currencies in the week also contributed to the crude oil price decline, CPC said.
US gasoline inventories that rose to levels higher than expected and the news that the planned price cap on Russian oil by G7 nations could be above the current market level also caused downward pressure on crude oil prices, Formosa said.
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