Domestic gasoline prices are to drop NT$0.2 per liter this week after international crude oil prices fell last week amid reduced geopolitical tensions in the Middle East, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements yesterday.
Other factors such as swelling US crude oil inventories compared with the previous week and China’s crude oil imports last month falling nearly 12 percent from the previous month, which signaled a weakening demand outlook in the world’s second-largest economy, also weighed on market sentiment and sent oil prices lower, the companies said.
CPC said that based on its floating oil price formula, the cost of crude oil fell 3.74 percent last week from a week earlier.
Effective today, gasoline prices at CPC and Formosa stations are to decrease to NT$29.9, NT$31.4 and NT$33.4 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said.
However, premium diesel would rise NT$0.1 to NT$27.8 per liter at CPC stations and cost NT$27.6 at Formosa pumps, they said.
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