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Domestic fuel prices to drop this week

2018/07/15 20:02:39

CNA file photo

Taipei, July 15 (CNA) Domestic gasoline and diesel prices will drop by NT$0.2 (US$0.0065) and NT$0.3 per liter, respectively, ending two consecutive weeks of price increases, Taiwan's two major suppliers said Sunday.

State-owned oil refiner CPC Corp. Taiwan said after the adjustments, which take effect at midnight Sunday, prices at CPC gas stations nationwide will be NT$28.9 per liter for 92 octane unleaded, NT$30.4 per liter for 95 unleaded, NT$32.4 per liter for 98 unleaded, and NT$27 per liter for super diesel.

International oil prices fell this week due to fears of an escalating trade war between the United States and China, CPC Corp. said.

CPC Corp. 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 its average crude oil price for this week was US$74.31 per barrel, down US$1.07 from a week earlier, its website said.

Privately run Formosa Petrochemical said it will also decrease gasoline prices by NT$0.2 per liter and diesel prices by NT$0.3 per liter, effective from 1 a.m. Monday.

With the price cut, prices at Formosa Petrochemical gas stations around the island will be NT$26.7 per liter for super diesel, NT$28.9 per liter for 92 unleaded, NT$30.3 per liter for 95 unleaded and NT$32.4 per liter for 98 unleaded, the company said.

Formosa Petrochemical said international crude prices dropped this past week as a result of the resumption of oil exports from Libya, coupled with the escalation of trade tensions between the U.S. and China.

(By Wu Chia-hao and Ko Lin)
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