Back to list

Fuel prices in Taiwan to be cut for 2nd consecutive week

2019/07/28 18:14:32

Taipei, July 28 (CNA) Taiwan's two major fuel suppliers on Sunday announced a drop in fuel prices for the coming week, citing a slowdown in China's economic growth in the second quarter. This will be the second week in a row fuel prices have fallen.

State-run oil refiner CPC Corp. Taiwan said it will cut gasoline and diesel prices by NT$0.10 per liter, beginning midnight Sunday.

After the adjustment, retail prices at CPC gas stations will be NT$27.20 (US$0.87) per liter for 92 octane unleaded, NT$28.70 per liter for 95 octane unleaded, NT$30.70 per liter for 98 octane unleaded, and NT$25.10 per liter for super diesel.

The CPC said although international crude oil prices rebounded recently, following six straight weeks of falling U.S. crude inventory levels and ongoing tensions in the Middle East, the slowdown in China's second quarter GDP growth offset the increase in crude prices.

The price of crude, calculated using a weighted oil price formula composed of 70 percent Dubai crude and 30 percent Brent crude, dropped US$0.64 last week to US$62.83 per barrel, said the CPC.

Meanwhile, the CPC's main rival, Formosa Petrochemical Corp. (FPCC), announced an identical fuel price cut, to take effect 1 a.m. Monday.

With the decrease, prices at FPCC gas stations will be NT$27.20 per liter for 92 octane unleaded, NT$28.60 per liter for 95 octane unleaded, NT$30.70 per liter for 98 octane unleaded, and NT$24.90 per liter for diesel.

(By Liao Yu-yang, Jiang Ming-yan and Emerson Lim)
Enditem/AW