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Domestic fuel prices to drop this week

2018/10/21 18:36:56

CNA file photo

Taipei, Oct. 21 (CNA) Taiwan's domestic gasoline and diesel prices will be lowered by NT$0.1 (US$0.003) this week, thanks to a fall in international crude oil prices last week due to a stable inventory in oil-producing countries and low oil consumption, Taiwan's two major suppliers said Sunday.

State-owned refiner CPC Corp., Taiwan announced that after the adjustments, which will take effect at midnight Sunday, prices at its gas stations nationwide will be NT$29.9 per liter for 92 octane unleaded, NT$31.4 per liter for 95 unleaded, NT$33.4 per liter for 98 unleaded and NT$28.1 per liter for super diesel.

CPC normally adjusts its prices at the pump on a weekly basis depending on price fluctuations in global crude oil markets, but decided on Oct. 7 to cap its fuel prices at the previous week's level until the end of the year to help keep domestic price levels stable.

This is the first drop in prices after the price cap was introduced.

Meanwhile, privately owned Formosa Petrochemical Corp. (FPC) announced identical price cuts, which will take effect from 1 a.m. Monday, which means prices at its gas stations will be NT$29.9 per liter for 92 octane unleaded, NT$31.3 per liter for 95 unleaded, NT$33.4 per liter for 98 unleaded and NT$27.8 per liter for super diesel.

FPC decided not to increase its gasoline and diesel prices over the past two weeks in line with the government's policy to help stabilize commodity prices, but the company did not say whether it will maintain the price cap until the end of the year.

(By Chung Jung-feng and Evelyn Kao)
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