Domestic gasoline and diesel prices will decrease by NT$0.8 and NT$0.9 per liter respectively this week to reflect declining international crude oil prices, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) announced separately yesterday.
The cuts mark the third week in a row that local fuel prices have been lowered.
After the adjustments, prices at CPC gas stations are to fall to NT$26.3, NT$27.8 and NT$29.8 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to fall to NT$24.1 per liter, the state-run refiner said in a statement.
The new prices are to take effect today.
CPC said that global crude oil prices moved lower last week as US commercial crude oil inventories continued to increase for the third consecutive week.
The softening US manufacturing sector and Saudi Arabia’s faster-than-expected resumption of oil supply also weighed on market sentiment last week, it said.
CPC’s average cost for its crude oil per barrel last week fell from US$62.65 to US$58.90, the company added.
Privately owned Formosa’s price cuts for this week also take effect today, the company said.
Formosa’s prices for 92, 95 and 98-octane unleaded are to fall to NT$26.3, NT$27.7 and NT$29.8 per liter respectively, with premium diesel retreating to NT$23.9 per liter, it said.
Formosa said in a separate statement that it is to cut prices this week as the US government’s plans to impose tariffs on European imports had negatively affected the international oil market.
The company matched CPC’s price adjustments after factoring in the exchange rate for the New Taiwan dollar and local market competition, Formosa said.