Gasoline prices will drop this week

  • By Chen Cheng-hui / Staff Reporter

Domestic gasoline and diesel prices are expected to fall this week after two weeks of price increases, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements yesterday.

Prices at CPC stations are expected to fall by NT$0.2 per liter this week, following an increase of NT$0.3 per liter last week, the state refiner said.

After taking into account projected progress in reviving the Iran nuclear deal and expectations of a rebound in the country’s crude oil production, as well as the appreciation of the New Taiwan Dollar, which rose 0.003 NT$ against the US dollar last week, CPC said its floating oil price formula showed that the cost of crude oil last week fell 0.9% from the previous week.

Effective today, gasoline prices at CPC stations are to drop to NT$29.6, 31.1 and 33.1 per liter for 92, 95 octane unleaded gasoline and 98 respectively, while the price of super diesel is to drop to NT$27.4 per litre.

Formosa prices for 92, 95 and 98 octane unleaded gasoline are to drop to NT$29.6, 31.1 and 33.1 per liter respectively, while the price of premium diesel is to be NT$27.2 per litre, he said.

The company said other factors also weighing on the oil market last week included a sharp drop in U.S. gasoline inventories, a weaker U.S. dollar index against other major currencies and the revision to the The International Energy Agency’s forecast for global crude oil demand rises this year.

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