CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday announced that they would cut gasoline prices by NT$0.2 per liter, effective today, after raising prices by NT$0.1 per liter last week.
Diesel prices would increase by NT$0.1 per liter this week, after rising NT$0.7 per liter in the previous week, the companies said.
Prices at CPC stations would drop to NT$30, NT$31.5 and NT$33.5 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel would rise to NT$28.1 per liter, the state-owned refiner said.
Prices at Formosa stations would fall to NT$30, NT$31.4 and NT$33.5 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel would rise to NT$27.9 per liter, the company said.
CPC said that global prices of crude oil fell last week as the US Energy Information Administration reported an unexpected increase of 3.29 million barrels in US commercial crude inventories.
A report by IHS Markit that the US Manufacturing Purchasing Managers’ Index fell to 58.4 last month from 60.7 in September, defying market expectation, also contributed to the trend, CPC said.
Based on the CPC’s floating oil price formula, gasoline and diesel prices should have risen by NT$0.3 and NT$0.6 per liter respectively, but the refiner said it would absorb the increase in compliance with government policy.
Formosa said that OPEC and its allies are to continue moderately increasing oil production next month. The US might sell oil from its strategic reserve to rein in consumer prices, which would weigh on market sentiment, it said.
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