Gasoline and diesel prices for this week have been reduced by NT$0.4 and NT$0.1 per liter respectively, due to a decrease in global crude oil prices last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) announced separately yesterday.
Crude oil prices last week fell as the market sentiment was affected by concern about whether Saudi Arabia and Russia could reach an agreement on output cuts, the companies said.
China’s key economic data — such as those for retail sales, industrial production and real-estate investment — were weaker than expected, raising worries about global oil consumption, they added.
Based on CPC’s floating oil price formula, the cost of crude oil last week decreased 2.13 percent from a week earlier, it said.
Effective today, gasoline prices at CPC and Formosa stations are to fall to NT$28.5, NT$30 and NT$32 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said.
The price of premium diesel is to decrease to NT$27 per liter at CPC stations and to NT$26.8 at Formosa pumps, they said.
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