Domestic gasoline and diesel prices will be lowered this week by NT$0.4 (US$0.013) and NT$0.5 per liter, respectively, Taiwan's two major suppliers said Sunday.
State-owned oil refiner CPC Corp., Taiwan said that after the adjustments, which take effect at midnight Sunday, prices at CPC gas stations nationwide will be NT$28.5 per liter for 92 octane unleaded, NT$30.0 per liter for 95 unleaded, and NT$32.0 per liter for 98 unleaded.
The price of super diesel will drop to NT$26.5 per liter, CPC said.
It is the second consecutive week the domestic fuel prices have been lowered, following the reopening of four major export terminals in Libya and signs that the United States may be softening in its sanctions against Iran, according to CPC.
CPC calculates its weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude. Its average crude oil price for this week was US$71.10 per barrel, down US$3.21 from a week earlier, according to its website.
Meanwhile, privately run Formosa Petrochemical said it will also decrease gasoline prices by NT$0.4 per liter and diesel prices by NT$0.5 per liter, effective from 1 a.m. Monday.
With the price cut, prices at Formosa Petrochemical gas stations around the island will be NT$26.2 per liter for super diesel, NT$28.5 per liter for 92 unleaded, NT$29.9 per liter for 95 unleaded and NT$32 per liter for 98 unleaded, the company said.
Formosa Petrochemical said international crude prices continued to drop last week as oil producing countries, including Russia, were considering increasing output, and the U.S. was likely to release its strategic inventory.
Source: Focus Taiwan News Channel