TAIPEI — Domestic fuel prices are set to decrease this week, despite an uptick in global crude oil costs, Taiwan’s CPC Corp and Formosa Petrochemical Corp announced yesterday. Gasoline prices will drop by NT$0.2 per liter, while diesel prices will decrease by NT$0.1 per liter.
According to CPC, international crude oil prices climbed last week due to a larger-than-expected decline in US commercial crude oil inventories, as reported by the US Energy Information Administration. Based on CPC’s floating oil price formula, crude oil costs increased by 2.38 percent from the previous week.
Formosa Petrochemical highlighted additional factors driving crude oil prices higher. A statement from the company noted that US President Donald Trump’s proposed “secondary tariff” on countries importing crude oil or petroleum products from Venezuela could restrict Venezuelan oil supplies, tightening the global energy market.
Brent crude oil futures, the international benchmark, rose by 2.04 percent last week to US$73.63 per barrel on the London ICE Stock Exchange. Meanwhile, West Texas Intermediate (WTI) crude oil futures, the US benchmark, increased by 1.58 percent to US$69.36 per barrel on the New York Mercantile Exchange.
Despite these trends, fuel prices at CPC and Formosa stations will be adjusted downward starting today. At CPC stations, the new prices per liter are NT$28.7 for 92-octane unleaded gasoline, NT$30.2 for 95-octane, and NT$32.2 for 98-octane. Premium diesel will be priced at NT$27.9 per liter. At Formosa stations, premium diesel will cost NT$27.7 per liter.
Both companies emphasized that price adjustments align with global oil market trends and their pricing formulas.
Related Topics:
- Oil Prices Rise Due to Bigger Than Expected Crude Draw
- Russia’s Central Bank Cautions About Long-Term Oil Price Decline
- CNOOC Profit Increases by 11% Due to Record Oil and Gas Production