Gasoline and diesel prices are to fall NT$0.5 and NT$0.8 per liter respectively 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 third consecutive week.
Gasoline prices at CPC and Formosa stations are to fall to NT$26.5, NT$28 and NT$30 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said in separate statements.
Premium diesel is to cost NT$24.9 per liter at CPC stations and NT$24.7 at Formosa pumps, they added.
Following the latest adjustments, domestic gasoline and diesel prices have hit the lowest levels in three months after international crude oil prices continue to slide.
The companies said the market expected another sizeable supply increase from OPEC+ nations next month and a soft demand outlook to create a supply glut, keeping downward pressure on oil prices.
Additionally, a US Energy Information Administration report showed that US commercial crude oil stockpiles increased by a larger-than-expected 3.5 million barrels in the week ended on Oct. 10, which further weighed on market sentiment, the companies said.
Front-month Brent crude oil futures — the international oil benchmark — last week fell 2.3 percent to settle at US$61.29 per barrel on the Intercontinental Exchange, while West Texas Intermediate crude oil futures — the US oil gauge — declined 2.31 percent to close at US$57.54 per barrel on the New York Mercantile Exchange.
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