Domestic gasoline and diesel prices in Taiwan are set to drop by NT$0.1 per liter this week, despite a rise in global crude oil prices last week. The price adjustment follows the decision by the OPEC+ alliance to delay its planned production increases by one month. This was confirmed in separate statements from CPC Corp. Taiwan (CPC) and Formosa Petrochemical Corp.
The rise in oil prices was also influenced by two key developments: the Chinese government’s announcement of proactive monetary and fiscal policies aimed at boosting its economy next year, and the European Union’s implementation of new sanctions on Russian oil exports.
According to Bloomberg News, US West Texas Intermediate (WTI) crude futures climbed 6.09 percent to US$71.29 per barrel, while Brent crude futures rose 4.74 percent to US$74.49 per barrel last week.
Despite the increase in global prices, CPC and Formosa Petrochemical, after considering both domestic market competition and global trends, have decided to reduce fuel prices for the second consecutive week. Last week, they had already cut prices by NT$0.1 per liter.
Starting today, the price for 92, 95, and 98-octane unleaded gasoline at CPC and Formosa stations will be NT$28.5, NT$30, and NT$32 per liter, respectively. Premium diesel will be priced at NT$27.2 per liter at CPC stations and NT$27 per liter at Formosa stations.
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