Gasoline prices are to remain unchanged for a second consecutive week this week, while the price of premium diesel is to drop by NT$0.2 per liter, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday.
Gasoline prices at CPC and Formosa stations are to stay at NT$27.2, NT$28.7 and NT$30.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said in separate statements.
Premium diesel is to cost NT$25.9 per liter at CPC stations and NT$25.7 at Formosa pumps, they added.
The companies’ announcements came after international crude oil prices fell last week, as the market expected another sizeable supply increase from OPEC+ next month, along with Iraq resuming crude oil exports from the semi-autonomous Kurdistan region to Turkey.
Additionally, a US Energy Information Administration report showed that there was a bigger-than-expected increase in US commercial crude oil stockpiles in the week ended on Sept. 26, which added pressure to oil prices, the companies said.
Front-month Brent crude oil futures — the international oil benchmark — last week fell 6.78 percent to settle at US$64.53 per barrel on the Intercontinental Exchange, while West Texas Intermediate crude oil futures — the US oil gauge — lost 7.36 percent to US$60.88 per barrel on the New York Mercantile Exchange.
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