Gasoline prices are to remain unchanged this week, despite an increase in global crude oil prices last week, 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$27.1, 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, the price of premium diesel is to drop NT$0.2 per liter to NT$25.5 per liter at CPC stations and NT$25.3 at Formosa pumps, they said.
The companies’ announcements came after international crude oil prices last week snapped a two-week losing streak as disruptions to Russian oil exports outweigh oversupply concerns in the global market.
Lukoil PJSC declaring force majeure at its West Qurna 2 field in Iraq showed signs that US sanctions are starting to have an impact on Russian oil exports, although the US Energy Information Administration reiterated that it expects a surplus of about 4 million barrels per day next year, the companies said.
Front-month Brent crude oil futures — the international oil benchmark — last week rose 1.19 percent to settle at US$64.39 per barrel on the Intercontinental Exchange, while West Texas Intermediate crude oil futures — the US oil gauge — gained 0.57 percent to close at US$60.09 per barrel on the New York Mercantile Exchange.
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