Gasoline and diesel prices are to drop by NT$0.1 per liter this week, even though international crude oil prices rose last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday.
International oil prices rebounded last week after the latest US economic data showed an increase in employment last month and OPEC members maintained their optimism about the outlook for global oil demand, the companies said.
The market sentiment was also buoyed by factors such as the northern hemisphere entering the peak summer consumption season and the US Energy Information Administration raising its forecast for global oil demand this year, they added.
CPC said that based on its floating oil price formula, the cost of crude oil rose 2.96 percent last week from a week earlier.
The company said its gasoline and diesel prices should have increased by NT$2.1 and NT$3.5 per liter respectively, but it would absorb part of the cost increases and use a price stabilization mechanism to comply with a government policy of keeping domestic fuel prices lower than in major neighboring markets.
Formosa decided to match CPC’s price adjustments after accounting for factors such as global oil market trends, the exchange rate for the New Taiwan dollar and fierce domestic market competition, it said.
Effective today, gasoline prices at CPC and Formosa stations are to fall to NT$29.2, NT$30.7 and NT$32.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said.
The price of premium diesel is to be NT$26.7 per liter at CPC stations and NT$26.5 at Formosa pumps, they said
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