CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) are today to lower gasoline prices by NT$0.2 per liter, after international crude oil prices last week snapped a six-week rising streak.
CPC and Formosa gasoline prices are to fall to NT$27.2, NT$28.7 and NT$30.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said in separate statements yesterday.
However, the price of premium diesel is to increase NT$0.3 per liter to NT$26.6 per liter at CPC stations and NT$26.4 at Formosa pumps, they said.
The companies’ announcements came as international crude oil prices showed their first weekly decline in more than a month, as traders closely monitor the situation in the Middle East following talks between US and Iranian officials on a potential nuclear deal.
Traders were also closely watching other developments, such as Saudi Arabia cutting the price of its crude oil for Asian buyers for the fourth consecutive month next month and US crude oil stocks falling more than expected last week, the companies added.
Brent crude oil futures — the international oil benchmark — last week fell 1.83 percent to settle at US$68.05 per barrel on the Intercontinental Exchange. West Texas Intermediate crude oil futures — the US oil benchmark — lost 2.55 percent to US$63.55 per barrel on the New York Mercantile Exchange.
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