Taipei, Oct. 28 (CNA) Taiwan's domestic gasoline and diesel prices will be lowered by NT$0.4 (US$0.013) this week in response to a fall in international crude oil prices last week, Taiwan's two major suppliers said Sunday.
State-owned refiner CPC Corp., Taiwan announced that after the adjustments, which will take effect at midnight Sunday, prices at gas stations nationwide will be NT$29.4 per liter for 92 octane unleaded, NT$31.0 per liter for 95 unleaded, NT$33.0 per liter for 98 unleaded and NT$27.7 per liter for super diesel.
Privately owned Formosa Petrochemical announced identical price cuts, to take effect from 1 a.m. Monday, which means prices at its gas stations will be NT$29.5 per liter for 92 octane unleaded, NT$30.9 per liter for 95 unleaded, NT$33.0 per liter for 98 unleaded and NT$27.4 per liter for super diesel.
The fuel suppliers said the price cuts reflect falling crude oil prices on the international market as U.S. crude oil stockpiles rose last week for the fifth consecutive week and Saudi Arabia promised to maintain stable supplies to the crude market.
CPC normally adjusts its prices at the pump on a weekly basis depending on price fluctuations in global crude oil markets, but decided on Oct. 7 to cap fuel prices at the previous week's level until the end of the year to help keep domestic price levels stable.
This is the second weekly drop in fuel prices after the price cap was introduced but prices might rise slightly next week, CPC Vice President Huang Jen-hung (???) said, adding that fuel prices are expected to fluctuate within a narrow band before the end of the year.
FPC decided not to increase its gasoline and diesel prices on Oct. 7 in line with the government's policy to help stabilize commodity prices, but the company did not say whether it will maintain the price cap until the end of the year.
Source: Focus Taiwan News Channel