Prices of gasoline and diesel products at domestic gas stations are to fall NT$0.2 and NT$0.1 per liter respectively this week, even though international crude oil prices rose last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday.
International crude oil prices continued rising last week, as the US Energy Information Administration reported a larger-than-expected drop in US commercial crude oil inventories, CPC said in a statement.
Based on the company’s floating oil price formula, the cost of crude oil rose 2.38 percent last week from a week earlier, it said.
News that US President Donald Trump plans a “secondary tariff” on countries that import crude oil or petroleum products from Venezuela — a move that could limit supplies of Venezuelan oil and tighten the global energy market — sent crude oil prices higher, Formosa said in a separate statement.
Front-month Brent crude oil futures — the international benchmark — rose 2.04 percent last week to US$73.63 per barrel on London’s ICE Stock Exchange, while West Texas Intermediate crude oil futures — the US benchmark — grew 1.58 percent to US$69.36 on the New York Mercantile Exchange.
Effective today, gasoline prices at CPC and Formosa stations are to fall to NT$28.7, NT$30.2 and NT$32.2 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to cost NT$27.9 per liter at CPC stations and NT$27.7 at Formosa pumps, the companies said.
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