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Fuel prices in Taiwan to drop NT$0.2 this week

2018/06/24 21:28:54

CNA file photo

Taipei, June 24 (CNA) Taiwan's two oil refiners will cut their unleaded gasoline and super diesel prices by NT$0.2 (US$0.0066) per liter from Monday in response to a drop in international crude oil prices.

State-owned CPC Corp., Taiwan said Sunday that effective at midnight, the price of its 92 octane unleaded gasoline will be lowered to NT$28.5 per liter, 95 unleaded NT$30 per liter, 98 unleaded NT$32 and super diesel NT$26.6.

Crude oil prices fell last week because of a continued increase in shale oil production in the United States, according to CPC.

Another factor was the unwillingness of Ecuador to fall in line with a decision by the Organization of the Petroleum Exporting Countries (OPEC) on reducing oil production, which gave rise to worry that other countries would break with the OPEC decision, CPC said.

CPC normally calculates its weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude.

Based on the fluctuations in international crude oil prices, CPC calculated the average price of crude oil at US$72.19 per barrel last week, a decrease of US$2.08 from a week earlier, according to its website.

Meanwhile, privately run Formosa Petrochemical said it will lower its gasoline and diesel prices also by NT$0.2 per liter, effective from 1 a.m. Monday.

With the cut, prices at Formosa Petrochemical gas stations around the island will be NT$26.3 per liter for super diesel, NT$28.5 per liter for 92 unleaded, NT$29.9 per liter for 95 unleaded and NT$32 per liter for 98 unleaded, the company said.

Formosa Petrochemical said international crude prices trended lower this past week amid rising trade tensions between the U.S. and China, and also the possibility of major oil-producing countries such as Russia increasing production.

(By Liao Yu-yang, Tien Yu-pin and William Yen)