Domestic gasoline and diesel prices are to fall for a second consecutive week, even though international crude oil prices rose last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) announced separately.
Effective today, gasoline and diesel prices at CPC and Formosa stations are to decrease by NT$0.1 per liter, the same amount the companies cut the previous week.
International oil prices continued to move up last week, as demand for oil products gradually recovered, and amid the OPEC cartel and its allies announcing future production increases and that it would review market supply and demand, the companies said.
In addition, oil prices were also affected by factors such as Ukrainian drones attacking oil depots in southern Russia and a reduction in US crude inventories last week, they added.
CPC said its gasoline and diesel prices should have increased by NT$2.9 and NT$4.4 per liter respectively, but that it would absorb part of the cost increases and use a price stabilization mechanism to comply with a government policy of keeping domestic fuel prices lower than in major neighboring markets.
Formosa said it matched CPC’s price adjustments after accounting for trends in the global oil market, the New Taiwan dollar exchange rate and fierce competition in the domestic market.
Following the adjustments, gasoline prices at CPC and Formosa stations are to fall to NT$29.1, NT$30.6 and NT$32.6 per liter for 92, 95 and 98-octane unleaded gasoline respectively.
Premium diesel is to cost NT$26.6 per liter at CPC stations and NT$26.4 at Formosa pumps.
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