Prices of gasoline and diesel products at domestic fuel stations are this week to fall NT$1.1 and NT$1.4 per liter respectively, after international crude oil prices last week dropped for the second consecutive week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday.
International crude oil prices moved lower amid market fears that continued US-China trade disputes could trigger a global recession and dampen oil demand, the companies said.
Concerns over plans proposed by Saudi Arabia and some OPEC+ members to increase crude oil production next month added more pressure on prices, they said.
Front-month Brent crude oil futures — the international benchmark — on Friday fell 6.85 percent last week to US$61.29 per barrel on the Intercontinental Exchange, while West Texas Intermediate crude oil futures — the US benchmark — plunged 7.51 percent to US$58.29 per barrel on the New York Mercantile Exchange.
Effective today, gasoline prices at CPC and Formosa stations are to fall to NT$27.2, NT$28.7 and NT$30.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to cost NT$25.7 per liter at CPC stations and NT$25.5 at Formosa pumps, the companies said.
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