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Gasoline prices to fall, diesel prices to rise this week

2019/02/17 16:28:18

CNA file photo

Taipei, Feb. 17 (CNA) Domestic gasoline prices will fall by NT$0.1 (US$0.03) per liter and diesel prices rise by NT$0.4 per liter this week, Taiwan's two major suppliers announced Sunday.

State-owned oil refiner CPC Corp., Taiwan said that after the adjustments, which will take effect at midnight Sunday, 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$25.1 per liter for super diesel.

According to CPC, it had planned to raise gasoline and diesel prices by NT$0.8 and NT$0.4 per liter, respectively, this week following a hike in international crude oil prices, but in order to maintain domestic gasoline prices at lower levels than neighboring markets in the region, it decided to cut gasoline prices by NT$0.1 per liter and raise diesel prices for the second consecutive week.

Last week, international crude oil prices surged as Saudi Arabia pledged to cut production and Venezuela's crude oil production remained at its lowest level in more than 50 years.

That resulted in an increase to US$63.54 per barrel last week in CPC's weighted oil price formula, up from US$62.19 a week earlier.

Had the company adjusted fuel prices this week in line with its standard formula, gasoline and diesel prices would have risen by NT$0.8 and NT$0.4 per liter, respectively.

CPC's main competitor, privately owned Formosa Petrochemical Corp., on Sunday announced identical price adjustments, to take effect 1 a.m. Monday.

After the adjustments, prices at Formosa Petrochemical gas stations nationwide will be NT$26.3 per liter for 92 octane unleaded, NT$27.7 per liter for 95 unleaded, NT$29.8 per liter for 98 unleaded and NT$24.9 per liter for super diesel, the company said.

(By Tsai Peng-min and Evelyn Kao)
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