Gasoline and diesel prices are to fall NT$0.1 per liter this week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday, despite global crude oil prices rising amid volatile trading last week.
Gasoline prices at CPC and Formosa stations are to fall to NT$27.3, NT$28.8 and NT$30.8 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said in separate statements.
Premium diesel is to cost NT$26.3 per liter at CPC stations and NT$26.1 at Formosa pumps, they added.
International crude oil prices fluctuated between gains and losses last week due to rising geopolitical tensions in the Middle East and eastern Europe, as well as the International Energy Agency’s warning of a looming supply surplus next year, they said.
The proposed US and EU sanctions on Russian oil also weighed on the market, they added.
Front-month Brent crude oil futures — the international oil benchmark — last week rose 2.927 percent to settle at US$66.99 per barrel on the Intercontinental Exchange, while West Texas Intermediate crude oil futures — the US oil gauge — gained 1.33 percent to US$62.69 per barrel on the New York Mercantile Exchange.
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