CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) are to lower domestic gasoline and diesel prices this week as international crude oil prices fluctuated during volatile trading last week.
In separate statements yesterday, state-run CPC and privately owned Formosa said that they would cut gasoline prices by NT$0.1 per liter, effective today, after raising prices by NT$0.4 per liter the previous week.
The companies would also slash diesel prices by NT$0.1 per liter, following an increase of NT$0.1 per liter the previous week.
The companies said global oil prices rose earlier last week following reports of attacks on cargo ships in the Red Sea amid rising tensions in the Middle East.
However, after the US dispatched warships to escort cargo vessels and some shipping companies gradually resumed Red Sea routes, oil prices fell later in the week as market sentiment turned sour, they said.
Following the adjustments, gasoline prices at CPC and Formosa stations are to fall to NT$29.5, NT$31.0 and NT$33.0 per liter for 92, 95 and 98-octane unleaded gasoline respectively, they said.
Premium diesel is to drop to NT$27.9 per liter at CPC stations and NT$27.7 at Formosa pumps, they said.
Separately, CPC said it would continue to suspend liquefied natural gas price increases for retail and industrial users this month, as the company complies with the government policy to help stabilize domestic consumer prices.
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