Gasoline prices this week are to fall by NT$0.2 per liter, while diesel prices are to fall by NT$0.3 per liter, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said separately yesterday.
Effective today, gasoline prices at CPC stations are to fall to NT$29.6, NT$31.1 and NT$33.1 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel is to fall to NT$27.7 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$29.6, NT$31.0 and NT$33.1 per liter respectively, while the price of premium diesel would fall to NT$27.5 per liter.
CPC said that global oil prices last week fell from the previous week due to a resurgence of COVID-19 infections in Europe, which led to weaker demand for oil.
The Omicron variant of SARS-CoV-2 has also triggered market panic, leading to the restart of travel bans or border controls, it added.
The US’ announcement that it would release 50 million barrels of crude oil from its strategic reserves and Washington’s call to Asian countries to release their strategic reserves pushed down international oil prices, Formosa said.
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