Gasoline prices are to drop NT$0.2 per liter this week after they were left unchanged last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday.
Diesel prices are also to fall by NT$0.2 per liter this week, following an increase of NT$0.1 per liter last week, the two companies announced separately.
CPC said that based on its floating oil price formula, the cost of crude oil would drop 0.78 percent from the previous week, as global crude oil prices fell last week.
Formosa said oil market sentiment last week was weighed down by factors such as the US entering the peak summer driving season and US Federal Reserve officials saying high interest rates might persist longer than expected to bring down inflation.
Effective today, gasoline prices at CPC and Formosa stations are to fall to NT$29.2, NT$30.7 and NT$32.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said.
Premium diesel is to cost NT$26.8 per liter at CPC stations and NT$26.6 at Formosa pumps.
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