Prices of gasoline products at domestic gas stations are to fall NT$0.3 per liter this week, even though international crude oil prices rose last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday.
International crude oil prices moved up last week, as the geopolitical situation in the Middle East became more tense, CPC said in a statement.
Based on the company’s floating oil price formula, the cost of crude oil rose 1.6 percent last week from a week earlier, CPC said.
China’s latest plans to stimulate domestic consumption and the US’ announcement of a new round of sanctions on Iran also weighed on market sentiment and sent crude oil prices higher, Formosa said in a separate statement.
Front-month Brent crude oil futures — the international benchmark — rose 2.24 percent last week to US$72.16 per barrel at London’s ICE Stock Exchange, while West Texas Intermediate crude oil futures — the US benchmark — advanced 2.05 percent to US$68.28 per barrel at the New York Mercantile Exchange.
Effective today, gasoline prices at CPC and Formosa stations are to fall to NT$28.9, NT$30.4 and NT$32.4 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel are to rise NT$0.1 per liter to NT$28 per liter at CPC stations and NT$27.8 at Formosa pumps, the companies said.
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