Gasoline prices are to drop NT$0.2 per liter this week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday, after international oil prices fell last week.
Effective today, gasoline prices at CPC and Formosa stations are to fall to NT$27.1, NT$28.6 and NT$30.6 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said in separate statements.
However, premium diesel is to stay at NT$25.7 per liter at CPC stations and NT$25.5 at Formosa pumps, they added.
The companies said crude oil prices moved lower last week after OPEC+ agreed to another modest production increase of 137,000 barrels a day for next month.
Adding to the bearish sentiment in the oil market, the latest data from the US Energy Information Administration showed US crude stockpiles rose more than expected in the week ending on Oct. 31, while the US purchasing managers’ index of manufacturing activity fell to 48.7 last month from 49.1 in September, the companies added.
Front-month Brent crude oil futures — the international oil benchmark — last week fell 1.76 percent to settle at US$63.63 per barrel on the Intercontinental Exchange, while West Texas Intermediate crude oil futures — the US oil gauge — lost 2.02 percent to close at US$59.75 per barrel on the New York Mercantile Exchange.
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