Domestic gasoline and diesel prices are to drop this week after two weeks of price increases, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements yesterday.
Prices at CPC stations are to drop by NT$0.2 per liter this week, following an increase of NT$0.3 per liter last week, the state-run refiner said.
After factoring in anticipated progress on reviving the Iran nuclear deal and expectations of a rebound in the country’s crude oil production, as well as the appreciation of the New Taiwan dollar, which rose NT$0.003 against the US dollar last week, CPC said that its floating oil price formula showed the cost of crude oil last week decreased 0.9 percent from the previous week.
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 drop to NT$27.4 per liter.
Formosa’s prices for 92, 95 and 98-octane unleaded gasoline are to decrease to NT$29.6, NT$31.1 and NT$33.1 per liter respectively, while the price of premium diesel is to be NT$27.2 per liter, it said.
The firm said other factors also weighing on the oil market last week included a sharp drop in US gasoline inventories, a weaker US dollar index against other major currencies and the International Energy Agency’s upward revision of a forecast for global crude oil demand this year.
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