Prices at Taiwan’s pumps to fall for second week in a row

Taiwan's gas and diesel prices are set to fall for a second week in a row. The new prices will go into effect at midnight on Sunday, moving into Monday morning.

The state-run oil company, CPC Corporation, Taiwan, has announced that prices will go down NT$0.5 per liter for gas and diesel (about US$0.017).

The new prices per liter will be: for super diesel, NT$21.3; for 92 octane unleaded, NT$23.7; for 95 octane unleaded, NT$25.2; and for 98 octane unleaded, NT$27.2 per liter.

CPC Officials say the cut in prices is the result of market concerns over the output reduction strategy adopted by the Organization of the Petroleum Exporting Countries (OPEC) to achieve a market balance.

Another factor was Libya's reopening of its largest oil field, which boosted its oil output and triggered a price drop in the international market.

Source: Radio Taiwan International