Gasoline and diesel prices are to drop NT$0.2 per liter this week, 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$29.5, NT$31 and NT$33 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said. The price of premium diesel is to be NT$27 per liter at CPC stations and NT$26.8 at Formosa pumps.
Based on its floating oil price formula, the cost of crude oil rose 3.13 percent last week from a week earlier, as international crude prices rose amid concerns about the intensifying Russia-Ukraine war, Iraq’s pledge to reduce oil exports and the OPEC+ members’ maintaining an output cut in the second quarter, CPC said.
Formosa said China’s better-than-expected industrial production data for the year’s first two months and investors’ expectations of growing US crude oil production also weighed on market sentiment last week.
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.
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