Gasoline prices are to drop NT$0.3 per liter this week and the cost of diesel fuel is to decrease by NT$0.2 per liter, despite a spike in global oil prices last week, 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 and Formosa stations are to fall to NT$30.8, NT$32.3 and NT$34.3 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said. The price of premium diesel is to be NT$28.4 per liter at CPC stations and NT$28.2 at Formosa pumps.
Based on its floating oil price formula, the cost of crude oil rose 0.94 percent last week from a week earlier, as international crude prices rose amid concerns of an extended output cut through the end of the year in Saudi Arabia and Russia, as well as Russia’s suspension of gasoline and diesel exports, CPC said.
Formosa said a higher-than-expected drop in US crude oil supply last week aggravated investors’ worries of decreased supplies from Saudi Arabia and Russia.
Even so, CPC said it absorbed part of the increases to comply with the government’s price stabilization policy, while Formosa followed CPC’s price adjustments after taking into account factors such as trends in the global oil market and fierce competition in the domestic market, it said.
CPC said despite an increase international prices for liquefied petroleum gas (LPG), it would keep domestic prices unchanged this month for certain products including household and automotive LPG, propane and butane, as well as propane and butane mixes.
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