Gasoline and diesel prices are to drop by NT$0.2 and NT$0.1 per liter respectively this week, despite a rise 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 and Formosa stations are to decrease to NT$31.4, NT$32.9 and NT$34.9 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said. The price of premium diesel is to fall to NT$29.0 per liter at CPC stations and to NT$28.8 at Formosa pumps.
CPC said that based on its floating oil price formula, the cost of crude oil advanced 2.52 percent last week from a week earlier, as international crude oil prices were driven higher by an extended output cut through the end of the year in Saudi Arabia and Russia.
High peak-season fuel demand also weighed on market sentiment last week, CPC added.
Despite higher crude oil prices, Formosa followed CPC’s price adjustments after taking into account trends in the global oil market, the New Taiwan dollar exchange rate and fierce competition in the domestic market, the company said.
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