The nation’s two major refiners yesterday said they would lower domestic fuel prices for a fourth consecutive week, as international crude oil prices posted the largest weekly decline in more than a year last week.
Domestic gasoline and diesel prices are to drop NT$0.1 per liter this week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday in separate statements.
Effective today, gasoline prices at CPC and Formosa stations are to decrease to NT$28.8, NT$30.3 and NT$32.3 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said.
Based on CPC’s statistics, 95-octane unleaded accounts for more than 70 percent of its total sales, and its retail price of NT$30.3 per liter this week was the lowest level since the beginning of July last year.
Premium diesel is to cost NT$27.3 per liter at CPC stations and NT$27.1 at Formosa pumps, the companies said.
International oil prices fell last week as Israel said it would not strike Iran’s oil facilities, easing fears of supply disruption, and the International Energy Agency’s lowering of its global crude oil demand forecast for this year, the companies said
Recent data from China showing that oil demand fell from a year earlier also weighed on market sentiment, with CPC’s cost of crude oil down 3.83 percent last week from a week earlier based on its floating oil price formula.
Front-month US West Texas Intermediate crude oil futures fell 2.05 percent to settle at US$69.22 per barrel on Friday, down 8.39 percent in the week — the largest weekly decline since the week ending on Oct. 6 last year, while Brent crude oil futures fell 1.87 percent to US$73.06 per barrel on Friday, declining 7.57 percent for the week — the biggest weekly drop since the Sept. 6 week, Dow Jones Newswires reported on Saturday.
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