Domestic gasoline and diesel prices are to drop NT$0.1 per liter this week, despite international crude oil prices rising last week, as the market digested the decision by the OPEC+ alliance to delay its planned output hikes by a month, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements yesterday.
News that the Chinese government has stated that it would implement proactive monetary and fiscal policies next year to boost the country’s economy, and that the EU has implemented a new round of sanctions on Russian oil exports also helped lift oil prices compared with the previous week’s levels, the companies said.
Front month US West Texas Intermediate crude oil futures rose 6.09 percent last week to US$71.29 a barrel and Brent crude futures increased 4.74 percent in the week to US$74.49 per barrel, Bloomberg News reported on Saturday.
After factoring in domestic market competition and global market trends, CPC and Formosa said they are lowering fuel prices for a second consecutive week following a cut of NT$0.1 per liter last week.
Effective today, domestic gasoline prices at CPC and Formosa stations are to fall to NT$28.5, NT$30 and NT$32 per liter for 92, 95 and 98-octane unleaded gasoline respectively.
Premium diesel would cost NT$27.2 per liter at CPC stations and NT$27 at Formosa pumps.
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