Domestic gasoline and diesel prices are to drop NT$0.2 and NT$0.3 per liter respectively this week after international crude oil prices fell last week on the prospect of rising supplies from OPEC members, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements yesterday.
News that Libya’s oil output and exports are expected to gradually resume after rival political factions agreed to appoint a new central bank governor, and that Saudi Arabia is ready to reduce the scale of its voluntary production cuts along with other OPEC members and allies in December, pushed crude oil prices to move lower last week, the companies said.
Front-month US West Texas Intermediate crude futures fell about 5 percent and Brent crude futures declined about 3 percent last week, Reuters reported on Saturday.
CPC said that based on its floating oil price formula, the cost of crude oil fell 0.38 percent last week from a week earlier.
Effective today, gasoline prices at CPC and Formosa stations are to decrease to NT$29.1, NT$30.6 and NT$32.6 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said.
Premium diesel would cost NT$27.7 per liter at CPC stations and NT$27.5 at Formosa pumps, they said.
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