Domestic gasoline and diesel prices are to drop NT$0.1 and NT$0.2 per liter respectively this week, despite international crude oil prices rising last week as the situation in the Middle East remained tense, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements yesterday.
After Iran launched a large barrage of missiles against Israel on Tuesday night and Israel vowed to retaliate, fears that escalating tensions between the two nations could spark a wider Middle East conflict sent global oil prices higher last week, the companies said.
US West Texas Intermediate crude oil rose 0.9 percent to settle above US$74 a barrel on Friday, soaring 9.1 percent in the week — the biggest weekly advance since March last year — while Brent crude increased 0.6 percent to US$78.05 per barrel, Bloomberg News reported on Saturday.
CPC said that based on its floating oil price formula, the cost of crude oil grew 0.86 percent last week from a week earlier.
The company said its gasoline and diesel prices should have increased by NT$0.6 and NT$0.7 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 matched CPC’s price adjustments after accounting for factors such as global oil market trends, the exchange rate for the New Taiwan dollar and fierce domestic market competition, it said.
Effective today, gasoline prices at CPC and Formosa stations are to decease to NT$29, NT$30.5 and NT$32.5 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said.
Premium diesel would cost NT$27.5 per liter at CPC stations and NT$27.3 at Formosa pumps, they said.
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