CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday said that they would lower gasoline and diesel prices by NT$0.1 per liter this week, the third consecutive week of price decreases.
The cuts in price reflect a decline in global crude oil costs last week, driven by severe COVID-19 restrictions in China, an accelerated pace of rate hikes by the US Federal Reserve and the US dollar index’s continued gains against major currencies, CPC said in a statement.
According to the state-run firm’s floating oil price formula, the cost of crude oil last week declined 2.46 percent from a week earlier.
Effective today, gasoline prices at CPC stations are to fall to NT$30.4, NT$31.9 and NT$33.9 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel is to decrease to NT$28.2 per liter, CPC said.
Formosa said that its prices for 92, 95 and 98-octane unleaded gasoline would drop to NT$30.4, NT$31.9 and NT$33.9 per liter respectively, while premium diesel would be priced at NT$28.0 per liter.
Other factors weighing on the global oil market last week were Russia’s cuts to gas supplies to Poland and Bulgaria, and Germany’s support of the EU imposing an embargo on Russian oil, Formosa said.
Separately, CPC said that it would keep prices of liquefied petroleum gas (LPG) unchanged this month in compliance with government policy, a move it expects to ease the financial burden of households amid the COVID-19 pandemic.
Prices of LPG products — such as household LPG, propane and butane, as well as propane and butane mixes and automotive LPG — are to remain unchanged from last month, CPC said yesterday in a separate statement.
The company is to absorb costs of NT$2.3 per kilogram tied to upcoming sales of LPG, it said.
CPC is also suspending liquefied natural gas (LNG) prices for retail and industrial users this month, but LNG prices for power generation users such as Taiwan Power Co (Taipower, 台電) are to rise by 20 percent, it said.
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