Prices of gasoline and diesel products at domestic fuel stations are this week to fall NT$1.1 and NT$1.2 per liter respectively, dropping for the second consecutive week despite an increase in international crude oil prices, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday.
International crude oil prices fluctuated last week, with the average prices higher than the previous week, amid a mixed bag of positive and negative factors, the companies said.
While market sentiment improved on optimistic expectations of the US-China trade negotiations, concerns over some OPEC+ members’ decision to accelerate oil output next month lingered, they said.
Front-month Brent crude oil futures — the international benchmark — rose 4.27 percent last week to US$63.91 per barrel on the Intercontinental Exchange, while West Texas Intermediate crude oil futures — the US benchmark — increased 4.68 percent in the week to US$61.02 per barrel on the New York Mercantile Exchange.
Effective today, gasoline prices at CPC and Formosa stations are to fall to NT$26.1, NT$27.6 and NT$29.6 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to cost NT$24.5 per liter at CPC stations and NT$24.3 at Formosa pumps, the companies said.
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