Back to list

Fuel prices in Taiwan to drop by NT$0.1 per liter this week

2018/12/16 18:28:22

CNA file photo

Taipei, Dec. 16 (CNA) Domestic gasoline and diesel prices will fall by NT$0.1 (US$0.003) per liter this week following a slight drop in international crude oil prices last week, Taiwan's two major suppliers said Sunday.

State-owned oil refiner CPC Corp., Taiwan said that after the adjustments, which will take effect at midnight Sunday, fuel prices at CPC gas stations nationwide will be NT$26.3 per liter for 92 octane unleaded, NT$27.8 per liter for 95 unleaded, NT$29.8 per liter for 98 unleaded and NT$24.1 per liter for super diesel.

The drop was due to a fall in global crude oil prices this past week with U.S. commercial crude oil inventories at a record high and global demand next year expected to be weaker than this year, CPC said.

CPC calculates its weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude, and based on that formula, the average oil price dropped US$0.80 to US$59.39 per barrel last week.

That justified a NT$0.1 drop per liter of gasoline and diesel prices, the company said.

The movement of oil prices in Taiwan in the short term depends on the development of global trade issues, such as China's economic outlook for 2019, but in the long run, oil prices are expected to rise as major oil-producing countries may agree on production cuts, CPC spokesman J.Z. Fang (方振仁) said.

Meanwhile, CPC's main competitor, privately owned Formosa Petrochemical Corp., announced an identical price drop, which will take effect at 1 a.m. Monday, also in reflection of the fall in international crude oil prices.

After the adjustments, prices at Formosa Petrochemical gas stations nationwide will be NT$23.8 per liter for super diesel, NT$26.3 per liter for 92 octane unleaded, NT$27.7 per liter for 95 unleaded and NT$29.8 per liter for 98 unleaded, the company said.

(By Pan Tzi-yu, Tien Yu-pin and Evelyn Kao)
Enditem/J