The nation’s two major refiners yesterday said they would lower domestic fuel prices for a third consecutive week after a volatile week of trading affected global crude oil prices.
Domestic gasoline and diesel prices are to drop NT$0.1 per liter this week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday in separate statements.
Effective today, gasoline prices at CPC and Formosa stations are to decrease to NT$28.9, NT$30.4 and NT$32.4 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said.
Premium diesel is to cost NT$27.4 per liter at CPC stations and NT$27.2 at Formosa pumps, they said.
The companies said international oil prices fell earlier last week as US commercial crude oil inventories increased more than expected during the week ending Oct. 4, citing data released by the US Energy Information Administration.
However, oil prices still posted back-to-back weekly gains as the geopolitical situation in the Middle East remains tense and concerns linger over a wider conflict that could threaten crude flows from the region, the companies added.
US West Texas Intermediate crude oil fell 0.4 percent to settle at US$75.56 a barrel on Friday, rising 1.6 percent in the week, while Brent crude fell 0.5 percent to US$79.04 per barrel, up 1.3 percent for the week, Dow Jones Newswires reported on Saturday.
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