Domestic gasoline prices are to drop NT$0.6 per liter this week after international crude oil prices fell last week, as weakening manufacturing activities in China and the US and the prospect of slowing energy demand weighed on market sentiment, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements yesterday.
Other factors included news that Libya would resume production at its eastern oil fields and restart exports.
Worries about geopolitical tensions also led traders to become more bearish about the overall market outlook, sending oil prices lower, the companies said.
Saudi Arabia cut the price of its flagship crude grade for its main market in Asia by US$0.7 to US$1.30 a barrel next month as concerns mounted over waning demand, Bloomberg News reported on Saturday.
It also cut prices for its crude exports to northwest Europe by about US$0.8 a barrel across grades and trimmed prices for oil to North America by US$0.10 a barrel, the report said.
CPC said that based on its floating oil price formula, the cost of crude oil fell 3.82 percent last week from a week earlier.
Effective today, gasoline prices at CPC and Formosa stations are to decrease to NT$29.5, NT$31 and NT$33 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said.
However, premium diesel would rise NT$0.3 to NT$28.2 per liter at CPC stations and cost NT$28 at Formosa pumps, they said.
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