Gasoline prices are to decrease by NT$0.3 per liter this week, and diesel prices are to drop by NT$0.2 per liter, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) announced separately yesterday.
Effective today, gasoline prices at CPC stations are to fall to NT$29.8, NT$31.3 and NT$33.3 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel is to drop to NT$28.0 per liter, the state-run refiner said in a statement.
Formosa said that its prices for 92, 95 and 98-octane unleaded gasoline would fall to NT$29.8, NT$31.2 and NT$33.3 per liter respectively, while premium diesel would drop to NT$27.8 per liter.
CPC said that international oil prices fell last week from the previous week due to the resurgence of COVID-19 infections in Europe, which led to weaker demand for oil.
The US Energy Information Administration forecasting US oil production to increase by 85,000 barrels per day to 8.32 million barrels next month contributed to the trend, CPC said.
Formosa said that US President Joe Biden last week calling on Asian countries to coordinate to cool global energy prices by releasing strategic reserves also weighed on the market.
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