Gasoline prices are to drop NT$0.1 per liter this week, while the cost of diesel fuel is to increase by NT$0.2 per liter, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) separately announced yesterday.
Crude oil prices moved down last week on market concerns that the European and US central banks might continue to raise interest rates, which would weaken energy demand, the companies said.
Oil prices were also affected by a larger-than-expected fall in the US commercial crude oil inventories last week, they added.
The price of premium diesel is to rise to NT$27.1 per liter at CPC stations and to NT$26.9 at Formosa pumps this week, they said.
CPC also said that despite a drop in the LPG price on the international market, it would not change the price of liquefied petroleum gas (LPG) products including household and automotive LPG, propane and butane, as well as propane and butane mixes.
The company is also to keep liquefied natural gas (LNG) prices unchanged for retail and industrial users this month, but LNG prices for power generation users, such as Taiwan Power Co (台電), are to drop 5 percent, CPC said.
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