Prices of gasoline products at domestic fuel stations are this week to drop NT$0.2 per liter, while diesel prices are to remain unchanged from last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday.
The price adjustments came even as international crude oil prices fluctuated in a narrow range last week, with the average prices higher than the previous week, amid a mixed bag of positive and negative factors, the companies said.
The factors included Saudi Arabia announcing price hikes for crude oil sold to Asia, Yemen’s Houthi rebels attacking cargo ships in Red Sea, the US Energy Information Administration lowering US crude oil production growth this year and markets worrying that the new round of US tariffs could hit the global economy, the companies added.
Front-month Brent crude oil futures — the international oil benchmark — last week gained 3.02 percent to settle at US$70.36 per barrel on the Intercontinental Exchange, while West Texas Intermediate crude oil futures — the US oil gauge — rose 2.16 percent to US$68.45 per barrel on the New York Mercantile Exchange.
CPC and Formosa adjusted gasoline prices downward after taking into account global oil market trends, the exchange rate for the New Taiwan dollar and intense competition in the domestic market, the companies said.
Effective today, gasoline prices at CPC and Formosa stations are to fall to NT$26.8, NT$28.3 and NT$30.3 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to stay at NT$25.6 per liter at CPC stations and NT$25.4 at Formosa pumps, they said.
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