Prices of gasoline products at domestic gas stations are to rise NT$0.1 per liter this week, even though international crude oil prices fell last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday.
International crude oil prices moved down last week, as intensifying global trade disputes triggered fears of an economic slowdown that would dent demand for crude oil, CPC said in a statement.
However, based on the company’s floating oil price formula, the cost of crude oil rose 0.05 percent last week from a week earlier, CPC said.
In addition to the impact of US President Donald Trump’s newly announced tariff policy, the market was further shaken by OPEC and its allies’ unexpected decision to increase oil production starting next month, which drove oil prices even lower, Formosa said in a separate statement.
Front-month Brent crude oil futures — the international benchmark — fell 9.87 percent last week to US$65.58 per barrel at London’s ICE Stock Exchange, while West Texas Intermediate crude oil futures — the US benchmark — dropped 10.63 percent to US$61.99 per barrel at the New York Mercantile Exchange.
Effective today, gasoline prices at CPC and Formosa stations are to rise to NT$28.8, NT$30.3 and NT$32.3 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to stay unchanged at NT$27.9 per liter at CPC stations and NT$27.7 at Formosa pumps, the companies said.
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