Gasoline and diesel prices at domestic fuel stations are to fall NT$0.4 per liter this week, after international crude oil prices last week fell for the second consecutive week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) announced yesterday.
Effective today, gasoline prices at CPC and Formosa stations are to drop to NT$26.4, NT$27.9 and NT$29.9 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said in separate statements.
The price of premium diesel is to fall to NT$24.8 per liter at CPC stations and NT$24.6 at Formosa pumps, they said.
International oil prices moved lower last week as ongoing talks to end the war in Ukraine continued to weigh on market sentiment, the companies said.
The release of weak economic data from China also added pressure to oil prices, they said, adding that concerns about excess supply continue to cloud the market’s outlook after oil prices had fallen more than 20 percent this year.
Front-month Brent crude oil futures — the international oil benchmark — last week fell 1.06 percent to settle at US$60.47 per barrel on the Intercontinental Exchange.
Meanwhile, West Texas Intermediate crude oil futures — the US oil gauge — dropped 1.36 percent to US$56.66 per barrel on the New York Mercantile Exchange.
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