Gasoline and diesel prices are to fall NT$0.2 per liter this week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday, as global crude oil prices last week dropped for the second consecutive week.
Gasoline prices at CPC and Formosa stations are to fall to NT$27, NT$28.5 and NT$30.5 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said in separate statements.
Premium diesel is to cost NT$25.7 per liter at CPC stations and NT$25.5 at Formosa pumps, they added.
The companies’ announcements follow a drop in international crude oil prices last week after Israel and Hamas agreed to a US-brokered ceasefire and hostage release plan in Gaza, which significantly reduced the geopolitical risk premium and weighed on market sentiment, the companies said.
Trade tensions between the US and China also added pressure to oil prices, after US President Donald Trump threatened a massive increase of tariffs on Chinese goods over a dispute on China’s new rules on rare earth minerals, they added.
Front-month Brent crude oil futures — the international oil benchmark — last week fell 2.79 percent to settle at US$62.73 per barrel on the Intercontinental Exchange, while West Texas Intermediate crude oil futures — the US oil gauge — lost 3.25 percent to close at US$58.9 per barrel on the New York Mercantile Exchange.
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