The nation’s two major refiners yesterday said they would lower domestic fuel prices for a fifth consecutive week after international crude oil prices concluded an up-and-down week.
CPC Corp, Taiwan (CPC, 台灣中油) said that based on its floating oil price formula, the cost of crude oil last week decreased 0.54 percent from a week earlier.
After factoring in domestic market competition and global market trends, domestic gasoline and diesel prices are to drop NT$0.2 and NT$0.3 per liter respectively this week, CPC and Formosa Petrochemical Corp (台塑石化) said yesterday in separate statements.
The decreases come even as global market sentiment remained uneasy over geopolitical developments in the Middle East and concerns about the global oil supply, they said.
Effective today, gasoline prices at CPC and Formosa stations are to decrease to NT$28.6, NT$30.1 and NT$32.1 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said.
Based on CPC’s statistics, the retail price of 95-octane unleaded, which accounts for more than 70 percent of its total sales, has dropped to the lowest level since the beginning of June last year.
Premium diesel is to cost NT$27 per liter at CPC stations and NT$26.8 at Formosa pumps, the companies said.
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