State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced that it would lower gasoline and diesel prices by NT$0.9 and NT$1 per liter respectively from today.
The cuts mark the second consecutive week that fuel prices have been lowered, leading domestic fuel prices to their lowest levels in two decades.
Based on CPC’s weighted oil price formula — comprised of 70 percent Dubai crude and 30 percent Brent crude — its average crude oil costs fell to US$17.05 per barrel last week, a decrease from US$20.38 a week earlier.
After factoring in the appreciation of the New Taiwan dollar, which was up NT$0.004 against the US dollar last week, fuel prices would be cut by 13.08 percent this week, CPC said in a statement.
CPC attributed the reduction to negative sentiment in the crude oil market due to lower US energy demand in the second quarter, an oversupply in US shale output and limited storage facilities for any excess inventories.
After the adjustments, prices at CPC stations are to drop to NT$16.1, NT$17.6 and NT$19.6 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to fall to NT$13 per liter, the company said.
Formosa Petrochemical Corp (台塑石化) in a separate statement yesterday said that the COVID-19 pandemic has sharply reduced energy demand and led to oversupply in the market.
Global crude prices last week also dropped after the West Texas Intermediate futures for delivery next month slid to negative territory for the first time, it said.
Formosa announced similar price cuts as CPC, effective today, with prices at its stations to be NT$16.1, NT$17.5 and NT$19.6 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to decrease to NT$12.8 per liter.
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