Taipei, Sept. 8 (CNA) Taiwan's two major fuel suppliers on Sunday announced price cuts of NT$0.2 per liter for gasoline and NT$0.1 per liter for diesel in the coming week, amid escalating trade friction between the United States and China, causing international oil prices to drop.
State-run CPC Corp., Taiwan said the price adjustments will result in prices at the pump of NT$26.3 per liter for 92 octane unleaded, NT$27.8 per liter for 95 octane unleaded, NT$29.8 per liter for 98 octane unleaded, and NT$24.2 per liter for diesel, effective midnight Sunday.
The adjustments came after the imposition of the latest U.S tariffs on Chinese goods on Sept. 1, leading U.S.-China trade relations to further deteriorate.
Given that international crude oil prices are easily affected by global political and economic changes, the trade war and increase in oil output by major oil producer Russia caused international oil prices to fall over the past week, according to CPC.
CPC adjusts its fuel prices weekly based on changes in crude oil prices calculated using a weighted oil price formula composed of 70 percent Dubai crude and 30 percent Brent crude.
Based on that formula, the price of crude dropped US$0.65 over the past week to US$59.12 per barrel, the company said.
Meanwhile, CPC's main competitor, Formosa Petrochemical Corp. (FPCC), on Sunday announced identical fuel price changes, to take effect at 1 a.m. Monday.
The privately-run FPCC said prices at its gas stations will be NT$26.3 per liter for 92 octane unleaded, NT$27.7 per liter for 95 octane unleaded, NT$29.8 per liter for 98 octane unleaded, and NT$24 per liter for diesel.