Prices of gasoline and diesel products at domestic fuel stations are this week to fall NT$0.2 per liter, 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 fell after US President Donald Trump said that US-Iran negotiations on a nuclear agreement had made progress, the companies said.
Concerns over plans proposed by some OPEC+ members to further increase production next month, along with stalled trade talks between China and the US, added more pressure on oil prices, they said.
Front-month Brent crude oil futures — the international oil benchmark — last week fell 1.36 percent to settle at US$63.9 per barrel on the Intercontinental Exchange, while West Texas Intermediate crude oil futures — the US oil gauge — dropped 1.2 percent to US$60.79 per barrel on the New York Mercantile Exchange.
Effective today, gasoline prices at CPC and Formosa stations are to fall to NT$26.4, NT$27.9 and NT$29.9 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to cost NT$24.8 per liter at CPC stations and NT$24.6 at Formosa pumps, the companies said.
Separately, liquefied natural gas prices for retail and industrial users would stay the same this month, although prices for power generation users, such as Taiwan Power Co (台電), would decrease 10 percent from last month, the CPC said.
Prices of liquefied petroleum gas (LPG) products such as household and automotive LPG, propane and butane, as well as propane and butane mixes, would also remain unchanged this month, it said.
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