Gasoline and diesel prices are to remain unchanged this week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday, as international crude oil prices fluctuated during volatile trading last week.
Saudi Arabia’s plan to extend additional production cuts until early next year and Goldman Sachs Group Inc’s expectation that OPEC would continue to cut production to stabilize prices have led the market to move between gains and losses throughout the week, CPC said in a statement.
Other factors, such as a higher-than-expected increase in US crude oil inventories last week and the weak industrial production data for last month, also weighed on the global oil market during the week, Formosa said in a separate statement.
Gasoline prices at CPC and Formosa stations are to stay at NT$29.5, NT$31.0 and NT$33.0 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said.
The price of premium diesel is to remain at NT$27.1 per liter at CPC stations and NT$26.9 at Formosa pumps, they said.
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