Taiwanese fuel suppliers CPC Corp. and Formosa Petrochemical Corp. announced price reductions Sunday of NT$0.3 per liter for gasoline, and NT$0.2 per liter for diesel, following the extension of a cut to commodity taxes.
Starting midnight Sunday, the per-liter price at CPC pumps will stand at NT$28.9 for 92-octane unleaded, NT$30.4 for 95-octane unleaded, NT$32.4 for 98-octane unleaded, and NT$26.7 for diesel, CPC said.
Per-liter prices at Formosa Petrochemical stations will drop to NT$28.9 for 92-octane unleaded, NT$30.4 for 95-octane unleaded, NT$32.4 for 98-octane unleaded, and NT$26.5 for diesel.
According to CPC, the OPEC+ group’s decision to reduce oil production by 2 million barrels per day from November boosted market sentiment and caused global fuel prices to increase.
Based on CPC’s floating oil price formula, the cost of crude oil last week rose 1.77 percent from a week earlier, according to the company.
CPC said it should have raised gasoline prices this week by NT$4.3 per liter and diesel prices by NT$5.7 per liter.
However, by implementing the government’s price stabilization mechanism, CPC said it would absorb the price increase by NT$4.4 per liter for gasoline and NT$5.7 per liter for diesel.
Source: Focus Taiwan News Channel