Gasoline and diesel prices in Taiwan will drop by NT$0.2 and NT$0.3 per liter this week. This change comes after a decline in international crude oil prices last week, driven by expectations of increased supplies from OPEC members. CPC Corp, Taiwan (CPC) and Formosa Petrochemical Corp announced these adjustments in separate statements yesterday.
The decline in oil prices was influenced by news that Libya’s oil production and exports are expected to gradually resume. This follows an agreement between rival political factions to appoint a new central bank governor. Additionally, Saudi Arabia is prepared to reduce its voluntary production cuts in December, alongside other OPEC members and allies.
Last week, front-month US West Texas Intermediate crude futures fell by about 5 percent, while Brent crude futures dropped approximately 3 percent, according to Reuters. CPC noted that its floating oil price formula indicated a 0.38 percent decrease in crude oil costs from the previous week.
Starting today, gasoline prices at CPC and Formosa stations will be set at NT$29.1, NT$30.6, and NT$32.6 per liter for 92, 95, and 98-octane unleaded gasoline, respectively. Premium diesel will cost NT$27.7 per liter at CPC stations and NT$27.5 per liter at Formosa stations.
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