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Domestic fuel prices to fall for fifth straight week

2018/11/18 19:36:37

CNA file photo

Taipei, Nov. 18 (CNA) Fuel prices in Taiwan will fall for the fifth consecutive week following a drop in international crude oil prices last week, the country's two major suppliers said Sunday.

State-owned refiner CPC Corp., Taiwan will cut the prices of gasoline and diesel by NT$0.7 (US$0.023) and NT$0.8 per liter, respectively, at its pumps nationwide, starting at midnight Sunday,

After the adjustment, prices at CPC gas stations will be NT$27.8 per liter for 92 octane unleaded, NT$29.3 per liter for 95 unleaded, and NT$31.3 per liter for 98 unleaded, while super diesel will be NT$25.7 per liter.

International crude oil prices plummeted due to lower demand, which reflects the arrival of autumn in the northern hemisphere, while the impact of heavy selling on the futures market has also contributed to falling prices, CPC said.

CPC adjusts its fuel prices on a weekly basis, depending on price fluctuations in global crude oil markets, reflected in its oil pricing formula consisting of 70 percent Dubai crude and 30 percent Brent.

Under its pricing mechanism, the average price per barrel of crude dropped US$3.73 last week from the week before, from US$70.49 to US$66.76, according to data on the CPC website.

Meanwhile, identical price cuts were announced by privately owned Formosa Petrochemical, which will take effect 1 a.m. Monday.

Prices at its gas stations will be NT$27.8 per liter for 92 octane unleaded, NT$29.2 per liter for 95 unleaded, NT$31.3 per liter for 98 unleaded, and NT$25.4 per liter for super diesel.

Oil prices dropped after the Organization of the Petroleum Exporting Countries (OPEC) revised down global crude oil demand forecasts for the past four months, Formosa Petrochemical said.

(By Chu Tse-wei, Chung Jung-feng and William Yen)