CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) are to lower domestic gasoline prices this week, but leave diesel prices unchanged from last week.
In separate statements yesterday, state-run CPC and privately owned Formosa said that they would lower gasoline prices by NT$0.1 per liter, effective today, following price hikes of NT$0.8 per liter the previous week.
CPC and Formosa gasoline prices 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, while premium diesel is to remain at NT$25.7 per liter at CPC stations and NT$25.5 at Formosa pumps.
International crude oil prices rose for the fifth consecutive week last week, as the US moved to tighten sanctions on Iranian oil exports and two oil fields in Kazakhstan reported production disruptions following fires in their power generation facilities.
That was despite signs of progress in talks to end the war in Ukraine, after representatives from the US, Russia and Ukraine met for trilateral talks in the United Arab Emirates, the two companies said.
Brent crude oil futures — the international oil benchmark — last week rose 2.73 percent to settle at US$65.88 per barrel on the Intercontinental Exchange. West Texas Intermediate crude oil futures — the US oil benchmark — gained 2.92 percent to US$61.07 per barrel on the New York Mercantile Exchange.
CPC said it would absorb part of the cost increases, and used a price stabilization mechanism to comply with a government policy of keeping domestic fuel prices lower than in neighboring markets such as Japan, South Korea, Hong Kong and Singapore.
Formosa followed suit and slashed its gasoline prices to match CPC’s after accounting for factors such as trends in the global oil market, the exchange rate and fierce competition in the domestic market, it said.
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